Sunday Thomas, Commissioner for Insurance
NKECHI NAECHE-ESEZOBOR–Nigeria’s insurance sector in the third quarter of 2022 was able to grow its gross premium income to N532.7billion, at a Year on Year (YoY) growth rate of about fifteen per cent during the period, when compared with N463.5billion reported in same period of 2021.
The National Insurance Commission (NAICOM) gave the revelation in its bulletin of the insurance market performance for the third quarter of 2022.
This also indicate a continued steady growth from the second quarter of the year correlates with the current performance of the period under review.
Giving a premium contribution analysis by each class of business, the commission said out of the N532.7billion, non-Life sustained its market dominance at 58.4% of the total premium generated, followed by Oil & Gas by
30.8% with Fire Insurance following at 21.3%.
Motor Insurance stood at 14.6% while Marine & aviation, Gen. Accident and Miscellaneous reported a share of 11.8%, 11.2% and 10.3%
respectively.
The life business on the other hand recorded 41.6% of the market production as its
share contribution gradually closes up.
The share of Annuity in the Life Insurance business lagged at about 25.5% while Individual Life was at 41.2% of the premium generated during the period.
Committed to claims payment, the industry paid N207.2 billion as claims to policyholders at the end of third quarter 2022, signifying 85.4% of all gross claims reported during the period.
According to data from the commission, the Life Insurance business recorded a near perfect
point of 95.0% claims settlement against all the reported claims while non-life segment stood
generously at above seventy 72.4% per cent during the same period.
It added that during the third quarter of 2022, the gross claims reported by market of N242.6billion was slightly lower compared to the corresponding
period of 2021, signifying a decline of -2.3% in the total claims reported by policyholders.
An increased growth rate of 9.0 per cent was reported by the industry for total asset of about N2.3 trillion in the third quarter of 2022.
The performance document revealed about N1.1 trillion in Assets of Non-Life business while the Life business stood at about N1.2trillion.
The Commission said the market recorded about N2,274.0billion during the period.
