Nigerias insurancesector recorded 24.9per cent growth in total assets Year-on-Year, YoY, to N4.2 trillion in the first quarter of 2025, Q125, against N3.3 trillion recorded in the corresponding period of 2024.
Industry experts are of the view that the sector is demonstrating resilience amidst operational and macroeconomic challenges.
According to the first quarter report of the sector released by the National Insurance Commission, NAICOM, yesterday, the non-life insurance business recorded N2.7 trillion in assets while the life insurance business recorded N1.4 trillion.
According to NAICOM the industry outlook could be adjudged as positive at the backdrop of the ongoing regulatory initiatives including sector-wide digitization, risk-based supervision among other measures.