Top 10 Nigerian Insurers Pay ₦276.9B Claims in 9M 2026, Up 13%

Ten listed Nigerian insurers paid ₦276.87 billion in claims in the nine months ended September 2026, a 13.42% jump from ₦244.10 billion in the same period last year, according to Nairametrics Research analysis of NGX filings. Seven of the ten companies increased payouts, led by AIICO Insurance (₦84.44B, up 27%), AXA Mansard (₦65.05B, up 10%), and NEM Insurance (₦39.43B, up 29%).

The claims-to-premium ratios reveal varying underwriting discipline: Coronation Insurance paid just ₦21.80 per ₦100 premium (lowest), while AIICO paid ₦54.03 (highest). Despite higher claims, most insurers grew profits—AIICO's profit after tax rose 26% to ₦17.28B, AXA Mansard's jumped 81% to ₦10.90B, and Consolidated Hallmark's surged 503% to ₦36.80B driven by investment gains. Only SUNU Assurances and Mutual Benefits saw profit declines.

Rising claims can signal deeper market penetration, more risk events, or simply insurers honoring more policies. The sector's ability to absorb higher payouts while growing earnings suggests improving capacity. For policyholders, the data shows which insurers are paying out most aggressively relative to premiums collected.

If you're evaluating insurance providers, does a high claims-to-premium ratio like AIICO's 54% reassure you they pay claims, or concern you about underwriting margins?

SOURCE: https://nairametrics.com/2026/11/05/top-10-nigerian-insurers-that-paid-the-most-claims-in-9m-2026/