ABUJA, Nigeria — AIICO Insurance Plc and AXA Mansard Insurance Plc together paid more than 61 percent of the N288.85 billion in total claims settled by nine listed Nigerian insurers in 2025, as the industry recorded a sharp rise in claims pressure.
Okay News reports that claims paid by the nine insurers surged 38.17 percent year-on-year from N209.05 billion in 2024, according to data compiled by the Nairametrics Research Team from the latest audited financial statements.
AIICO Insurance remained the largest claims payer, disbursing N95.84 billion, up 5.79 percent from N90.59 billion in 2024. The company accounted for 33.18 percent of total claims across the group, while its claims ratio improved to 52.43 percent from 58 percent, as premium volume of N182.80 billion outpaced claims growth.
AXA Mansard paid N81.40 billion in claims, a 28.77 percent increase from N63.21 billion, representing 28.18 percent of the total. Its claims ratio rose to 52.36 percent from 48.07 percent, reflecting claims growth that surpassed its N155.45 billion premium volume.
NEM Insurance Plc posted an 83.69 percent jump in claims to N45.91 billion from N24.99 billion, representing 15.89 percent of total claims. Its claims ratio remained relatively low at 28.01 percent, supported by premiums of N163.92 billion.
Coronation Insurance Plc recorded the sharpest surge, with claims rising 363.26 percent to N32.32 billion from N6.98 billion. Its claims ratio jumped to 42.34 percent from 12.89 percent, possibly reflecting large one-off claims or a shift in risk exposure.
Consolidated Hallmark Insurance Plc paid N12.33 billion, up 36.06 percent from N9.06 billion, with its claims ratio rising to 38.26 percent. The remaining four insurers — SUNU Assurances Plc, Sovereign Trust Insurance Plc, Linkage Assurance Plc, and Guinea Insurance Plc — collectively paid N21.05 billion, or 7.28 percent of total claims.
In a recent report, the National Insurance Commission (NAICOM) mandated all insurers and reinsurers to contribute to the newly established Insurance Policyholders’ Protection Fund (IPPF) under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. Insurers are required to contribute 0.25 percent of net premium income annually, with payments due by June 30 each year.
