NEM Insurance Reports Significant Increase in Claims Paid for 2025
NEM Insurance Plc disclosed that gross claims paid across its various lines of business reached N41.46 billion for the financial year ending December 31, 2025, underscoring the company’s dedication to fulfilling its policyholder commitments.
The figures were detailed in the group’s audited annual report submitted to the Nigeria Group of Exchanges (NGX). The parent company’s claims payments surged from N24.24 billion in 2024 to the reported N41.46 billion in 2025, highlighting robust growth in its operational performance.
Breaking down the claims, the motor insurance division topped the list, accounting for N13 billion of the total payouts. Fire insurance claims followed closely, amounting to N9.04 billion, while the oil and gas sector contributed N7.01 billion to the claims total. General accident insurance also saw substantial payouts, recording N6.73 billion.
In the marine insurance category, NEM Insurance settled claims worth N3.77 billion. The engineering insurance segment accounted for N1.64 billion in claims, whereas payouts in other areas remained modest, with agricultural insurance claims at N152.21 million and bond insurance at N110.03 million.
Industry experts emphasize that the rapid and efficient resolution of claims plays a crucial role in enhancing insurance penetration within Nigeria. With its solid capital foundation, expanding customer base, and increasing investment returns, NEM Insurance Plc is strategically positioned to drive growth in the insurance sector while delivering sustainable value to shareholders and policyholders alike.
The most recent results further reinforce NEM Insurance’s standing among companies known for their strong claims-paying capacity—an essential indicator of financial stability and operational reliability within the industry.
In a recent development, GCR Ratings upgraded NEM Insurance Plc’s national financial strength rating from AA(NG) to AA+(NG), maintaining a stable outlook. The agency attributes this upgrade to the company’s ongoing enhancement of its competitiveness in the non-life insurance sector, supported by a robust financial profile characterized by strong risk-adjusted capital, adequate liquidity, and robust profitability.
The significant increase in claims payouts, alongside improved credit ratings, has established NEM Insurance Plc as a prominent player in Nigeria’s insurance landscape, adept at meeting rising customer demands while ensuring sustained long-term growth.
