Top insurance companies listed on the Nigerian Exchange (NGX) paid a combined N288.85 billion in claims in 2025, reflecting a significant 38.17% year-on-year (YoY) increase compared to the N209.05 billion recorded in 2024. AIICO Insurance and AXA Mansard together accounted for over 61% of total claims paid.
The data, compiled by the Naijaonpoint Research Team from the latest audited financial statements of these companies, captures claims paid across nine key players in the Nigerian insurance sector.
Claims ratios in this analysis are computed as claims paid as a percentage of premiums received. Lasaco Assurance and Mutual Benefits Assurance are excluded from this analysis, as both have yet to release their audited financial statements for the period.
Growth in claims varied widely across the nine companies. Coronation Insurance recorded the sharpest increase.
The remaining four insurers, SUNU Assurances, Sovereign Trust, Linkage Assurance, and Guinea Insurance, collectively paid N21.05 billion, accounting for 7.28% of total claims.
SUNU led this group with N8.25 billion in claims, followed by Sovereign Trust at N6.09 billion, which maintained the lowest claims ratio overall at 13.19%. Linkage and Guinea reported N5.95 billion and N758.79 million, respectively.
The data tells a clear story: the Nigerian insurance industry is under growing financial pressure.
In a recent article by Naijaonpoint, it was reported that NAICOM mandated all insurers and reinsurers to contribute to a newly established Insurance Policyholders’ Protection Fund (IPPF) under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, aimed at safeguarding policyholders against insurer insolvency.
