Ranked DataNAICOM Q4 2025
Which Nigerian insurer actually pays out?
The Nigerian insurance industry wrote ₦2.302trn of gross premium in Q4 2025. The non-life claim-settlement ratio averaged 75.5%; life sat at 65.5%. The big question this surface answers: when YOUR policy gets tested, which insurer is most likely to actually pay you?
- Gross premium
- ₦2.302trn
- Non-life share
- 68.4%
- Non-life claim ratio
- 75.5%
- Life claim ratio
- 65.5%
industry, Q4 2025
motor, fire, oil, marine
average payout rate
average payout rate
Insurers ranked by claim-settlement ratio
Claim-settlement ratio = claims paid ÷ claims filed in the quarter. Higher = more likely to pay out when you actually file. This is the ONE number that should drive your purchase decision — premium price matters far less than whether they pay.
| Rank | Insurer | Book | Claim ratio | Gross premium |
|---|---|---|---|---|
| 1 | AIICO Insurance Top life claim settler. Strong individual life book. | life | 89.2% | ₦42.3bn |
| 2 | Leadway Assurance Largest non-life insurer; consistently top-quartile settler. | non-life | 84.7% | ₦68.1bn |
| 3 | AXA Mansard Strong on motor + health claims; tech-forward. | non-life | 82.3% | ₦51.8bn |
| 4 | Cornerstone Insurance Solid mid-tier non-life book; oil/gas exposure. | non-life | 80.1% | ₦28.9bn |
| 5 | FBN General Bank-backed; favours bancassurance channel. | non-life | 78.4% | ₦35.4bn |
| 6 | NEM Insurance Strong motor insurance market share. | non-life | 76.9% | ₦24.7bn |
| 7 | Mutual Benefits Long history; multi-line book. | non-life | 74.2% | ₦19.8bn |
| 8 | Custodian Investment Diversified financial group; mid-quartile settler. | non-life | 73.0% | ₦32.4bn |
| 9 | ARM Life Asset-management adjacent; smaller book. | life | 71.5% | ₦18.6bn |
| 10 | Sovereign Trust Smaller mid-tier; mixed motor/aviation. | non-life | 68.4% | ₦11.2bn |
Why this ranking
Cheaper ≠ better
A cheaper premium from a low-payout insurer is a bad trade. You're optimising for the moment you file, not the moment you pay.
What to check
Read the policy
Claim ratio is the headline. Then check: exclusions, claim documentation requirements, and average settlement timeline. All three matter more than the marketing.
If a claim is denied
File with NAICOM
NAICOM's Complaints Bureau handles policyholder disputes. Email [email protected].
Source: National Insurance Commission of Nigeria, Q4 2025 Bulletin of the Insurance Market Performance (naicom.gov.ng) + insurer Q4 2025 earnings releases. Per-insurer claim ratios are composites from public filings. Refresh cadence: quarterly.