In 2025, Nigeria’s listed insurers on the NGX faced rising pressure as claims increased sharply across the sector.
Claims climbed to ₦288.85 billion, a 38.17% rise from ₦209.05 billion in 2024, reflecting higher settlement costs and stronger policyholder activity.
AIICO Leads Claim Growth
AIICO Insurance and AXA Mansard together drove over 61% of total claims paid.
Newsmen Research Team compiled the data from audited financial statements of nine insurers.
However, Lasaco Assurance and Mutual Benefits Assurance did not release audited reports, so they did not feature.
AIICO Insurance led the market as it paid ₦95.84 billion in claims, rising 5.79% from ₦90.59 billion.
It contributed 33.18% of total claims and improved its claims ratio to 52.43% from 58.00%, while premium income rose to ₦182.80 billion.
Read Also: Nigeria Insurance Hits ₦2.3Tr Gross Premium In Q4 2025
AXA Mansard Under Pressure
Similarly, AXA Mansard paid ₦81.40 billion, up 28.77% from ₦63.21 billion.
However, its claims ratio rose to 52.36% from 48.07% as claims outpaced premium income of ₦155.45 billion.
Meanwhile, NEM Insurance expanded strongly and paid ₦45.91 billion, up 83.69%, while maintaining a 28.01% claims ratio.
In contrast, Coronation Insurance recorded a sharp surge as it raised claims by 363.26% to ₦32.32 billion, which pushed its claims ratio to 42.34%.
In addition, Consolidated Hallmark paid ₦12.33 billion, up 36.06%, with a 38.26% claims ratio.
At the same time, SUNU, Sovereign Trust, Linkage, and Guinea Insurance collectively paid ₦21.05 billion.
SUNU led with ₦8.25 billion, while Sovereign Trust recorded the lowest claims ratio at 13.19%.
Overall, claims grew faster than premiums in several insurers, tightening margins across the sector.
AXA Mansard and Coronation showed the clearest pressure.
Meanwhile, NAICOM introduced the Insurance Policyholders’ Protection Fund under NIIRA 2025 and required insurers to contribute 0.25% of net premium income annually.
