BY NKECHI NAECHE-ESEZOBOR– Nigerian Insurance Industry gross claims grew to N564 billion as at the end of Q3 2024, representing about 48.1 per cent of the total premiums generated during the period.
The National Insurance Commission, (NAICOM), disclosed this in a circular posted on its official website that the life insurance business claims settlement stood at 81.6 per cent while the non-life segment achieved 73.6 per cent.
The industry gross premium written rose to N1.173.1 billion, this the commission attributed to the consistent deepening policy of the commission and market resilience.
The non-life business accounted for 68.9 per cent of the total quarter, indicating its dominance in the industry
Total assets of the industry increased to N3.877 billion in Q3, 2024, this indicating an expansion of 5.1 per cent when compared to N2.809 billion achieved in the same period of 2023.
The breakdown shows that non-life business total asset stood at N2.337 billion while the life business accounted for N1.539 billion
Gross premium written. rose by 44.3 per cent on a quarter-on-quarter basis, to stand at N1.173trillion
Oil and gas portfolio led with a 35.2 per cent contribution followed by fire insurance business with 21.3 per cent while motor business recorded 14.4 per cent.
Marine and aviation, general accident, and miscellaneous contributed 12.4 per cent, 9.0 per cent, and 7.5 per cent, respectively.
