By LOVETH-AZODO CHIJIOKE, Lagos
The Nigerian Insurers Association (NIA) has launched a digital podcast studio to deepen insurance awareness and improve public engagement, as the industry’s Gross Premium Income (GPI) rose to a record ₦2.3 trillion in 2025, reflecting sustained growth across the insurance market.
The twin developments emerged at the association’s 55th Annual General Meeting (AGM) in Lagos, where members also elected the Managing Director/Chief Executive Officer of Rex Insurance Limited, Mrs. Ebelechukwu Nwachukwu, as the 27th Chairman of the association.
Presenting the Chairman’s Report, the outgoing Chairman of the association, Mr. Kunle Ahmed, said the industry recorded historic growth during the 2025 financial year, with Gross Premium Income increasing to ₦2.3 trillion. He attributed the performance to stronger enforcement of compulsory insurance, increased retention of oil and gas risks within the domestic market, wider adoption of digital insurance channels and sustained growth in life insurance business.
Ahmed disclosed that the non-life segment contributed ₦1.57 trillion to the industry’s premium income, while life insurance accounted for ₦727.4 billion, driven largely by growing awareness of long-term financial planning and increased uptake of Retiree Life Annuity products.
He added that insurers paid claims amounting to ₦724.7 billion during the year, representing about 31.5 per cent of Gross Written Premium, while the industry’s total asset base expanded by 7.4 per cent to ₦4.8 trillion, underscoring the sector’s growing financial strength despite prevailing macroeconomic challenges.
Earlier, the association unveiled NIA Pulse, a digital podcast studio established to provide a dedicated platform for conversations on insurance, financial literacy and consumer education.
Speaking during the unveiling, Ahmed said the initiative was conceived to bridge the communication gap between the insurance industry and the public by creating more direct and engaging conversations around insurance.
According to him, despite the industry’s consistent payment of claims and contribution to economic stability, many Nigerians remain unaware of the value insurance brings to individuals, businesses and the economy.
“The media landscape has evolved beyond traditional communication channels. We must engage people where they are on digital platforms, through conversations they can easily access and understand,” he said.
Ahmed explained that the podcast studio would serve the entire insurance industry by providing a platform for regulators, operators and other stakeholders to educate the public, promote trust and encourage greater insurance adoption.
Also speaking, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, represented by the Head of the Commission’s Lagos Control Office, Mr. Julius Odidi, described the initiative as a strategic investment that would strengthen public understanding of insurance and showcase the industry’s contribution to Nigeria’s economic development.
The AGM also produced a new leadership for the association with the election of Nwachukwu as Chairman. The Managing Director of AIICO Insurance Plc, Mr. Babatunde Fajemirokun, emerged as Deputy Chairman, while the Managing Director of Anchor Insurance Company Limited, Mr. Augustine Ebose, was elected Treasurer.
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