The Nigerian insurance industry experienced robust growth in 2025, with total premiums collected reaching approximately N2.3 trillion. This represents a substantial 47% increase compared to the N1.5 trillion recorded in the previous year.
Non-life insurance products were the primary contributors to this growth, accounting for about 68.4% of the total premium, which amounts to N1.5 trillion. Oil and gas, fire, and motor insurance segments were particularly strong drivers within this category.
Life insurance also saw significant uptake, contributing 31.6% to the total premium, largely propelled by a surge in annuity products. During the same period, the industry demonstrated its commitment to policyholders by paying out an impressive N882 billion in claims.
Amidst this growth, a new Insurtech platform, CBI, has received its first-ever partnering Insurtech license from the National Insurance Commission (NAICOM). Emperor Chris Baywood Ibe, founder of Baywood Group and promoter of CBI, projects that this digitalization push could integrate over 200 million Nigerians into the insurance ecosystem by 2030.
Ibe likened the potential impact of Insurtech to the revolution fintech brought to banking, emphasizing that CBI will operate as a marketplace rather than an underwriter. The platform aims to simplify policy acquisition, improve claims processing, and enhance customer experience through digital channels, thereby building trust.
In parallel, Mutual Benefits Assurance Plc (MBENEFIT) has soft-launched its redesigned corporate website. This initiative is part of the company's digital transformation strategy, aiming to provide customers with a faster, more intuitive, and seamless digital experience for engaging with their products and services.
The enhanced MBENEFIT platform allows customers to purchase selected general insurance products online, create personal accounts, and access dedicated dashboards. Gideon Ayogu, head of Marketing & Communications at MBENEFIT, stated that the launch signifies a commitment to making insurance simpler and more accessible, laying the groundwork for a broader digital ecosystem.
The current phase of MBENEFIT's digital rollout includes online purchasing and account management, with further capabilities and self-service functionalities planned for subsequent phases. The company will also gather customer feedback to optimize the platform.
Industry giants like Lolo Idu, GMD of Royal Exchange PLC (ROYALEX), are noted to be on the Board of Insurtech, highlighting the significant potential and industry backing for Ibe's venture.
