The insurance market in Nigeria

November 10, 2026
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Class of business2025 turnover2024 turnover2024-2025 (1)
evolution
2025 shares
NGNUSDNGNUSD
Energy476 600 000328 854375 000 000243 75027.1%20.7%
Fire321 100 000221 559238 700 000155 15534.5%14.0%
Motor252 800 000174 432160 400 000104 26057.6%11.0%
Marine187 000 000129 030136 300 00088 59537.2%8.1%
Accident149 600 000103 22495 700 00062 20556.3%6.5%
Miscellaneous risks187 300 000129 23786 900 00056 485115.5%8.1%
Non-life total1 574 400 0001 086 3361 093 000 000710 45044.0%68.4%
Life total727 400 000501 906469 900 000305 43554.8%31.6%
Grand total2 301 800 0001 588 2421 562 900 0001 015 88547.3%100%

(1) Growth rate in local currency
Exchange rate as at 31 December 2025 : 1 NGN = 0,00069 USD ; as at 31 Decembre 2024 : 1 NGN = 0,00065 USD


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