NEM Insurance says N41.46bn claims paid in 2025

NEM Insurance Plc has reported a total of N41.46 billion in gross claims paid across its various business segments for the financial year ended December 31, 2025.

The figure was disclosed in the group’s audited annual report submitted to the Nigerian Exchange Group on Tuesday.

The report showed that the parent company’s claims payout rose significantly from N24.24 billion in 2024 to N41.46 billion in 2025.

Details from the audited financial statements indicated that the motor insurance segment recorded the highest claims payout, accounting for N13.00 billion of the total claims paid during the year.

Fire insurance followed with claims amounting to N9.04 billion, while the oil and gas segment recorded N7.01 billion in claims payments. General accident insurance also posted a payout of N6.73 billion.

In the marine segment, the company paid N3.77 billion in claims, while engineering insurance claims stood at N1.64 billion.

Other segments recorded lower claims payouts. Agriculture insurance accounted for N152.21 million in claims, while bond insurance recorded N110.03 million.

Industry analysts noted that timely and efficient claims settlement remains a major factor in boosting insurance penetration in Nigeria.

With its strong capital base, growing customer network and increasing investment income, NEM Insurance is considered well-positioned to deliver value to shareholders and policyholders while supporting the growth of the insurance industry.

The company’s latest performance further reinforced its reputation as one of the insurers with strong claims-paying capacity, a key indicator of financial stability and operational reliability.

Meanwhile, GCR Ratings upgraded NEM Insurance Plc’s national scale financial strength rating to AA+(NG) from AA(NG), while maintaining a stable outlook.

According to the rating agency, the upgrade reflected sustained improvement in the company’s competitive position within the non-life insurance segment, supported by robust risk-adjusted capitalisation, adequate liquidity and strong earnings capacity.

The combination of increased claims payout and improved credit rating positions NEM Insurance Plc among the leading players in Nigeria’s insurance sector, with the capacity to meet growing customer expectations while sustaining long-term growth.