The Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission, Olusegun Omosehin, has projected that the sector’s premium generation in 2025 will hit N2.5tn.
Omosehin said this at the 2025 Insurance Stakeholders’ Consultative Forum with the theme ‘Role of Insurance in Economic Recovery’ organised by the insurance group of the Lagos Chamber of Commerce and Industry.
According to PwC, the insurance subsector grew by 19.8 per cent in Q3 2024, largely due to improvements in the reinsurance market and increased demand for cyber insurance. Also, the gross premium written hit N1.17tn as of Q3, 2024.
During his presentation, Omosehin noted that the Nigerian insurance sector, despite the prevailing economic volatility, has demonstrated remarkable resilience and growth in 2024.
On the outlook of the sector, Omosehin said, “Industry statistics revealed that its retention has consistently moved in the direction of the premium generation over time. The market will likely close at about N2.5tn in 2025. The growth behaviour of the industry is desirable owing to the role of the financial system in the economic growth of the economy through the creation of liquidity, intermediation and wealth protection.”
Highlighting the role of insurance in economic recovery, Omosehin said it helps with risk absorption and business continuity and builds investor confidence and predictability, while compulsory insurances help in the protection of households and ensuring social sustainability and inclusion.
Omosehin concluded by saying, “As the government relentlessly closes the infrastructure gap, food security and social programmes aimed at improving social wellbeing, the insurance industry is a recipe for de-risking the economy. The role of insurance in Nigeria’s economic recovery is paramount, providing essential financial stability and resilience. As stakeholders, we must be conscious of playing our part, doing our best in ensuring that we create value without compromising on our promises.”
Meanwhile, the Nigerian Insurers Association has set its sight on hitting N5tn in GWP in the near future.
The Chairman of NIA, Kunle Ahmed, at the 2025 CEOs Retreat in Lagos, noted that the industry hit the N1tn premium mark 10 years after the target, hence the need for operators to move faster towards the N5tn goal.
He said, “We did not reach N1tn until 10 years after. Perhaps we should be doing N3tn to N5tn.
“Having reached the N1tn, we now need to move faster to reach the N3tn to N5tn mark. But we can’t do that based on the things that we used to do – how we used to serve our customers.”
