BY NKECHI NAECHE-ESEZOBOR–The Nigerian insurance industry generated a total of N726.2billion as gross premium income as at the end of fourth quarter of 2022, the National Insurance Commission, (NAICOM), has said.
This is contained in the bulletin for insurance industry performance for fourth quarter 2022 released by the Commission, that this represented a growth proportion of 36.3%, quarter on quarter and 18% year on year.
It added that it is a remarkable situation compared to the real growth (3.5%) of Gross Domestic Product (GDP) over the same period and, is attributable to consistent regulatory measures being carried out by the Commission.
The report further shows that non-Life business during the period contributed about 57.4% per cent relative to the share of the Life business 42.6%, keeping about same position
in prior period.
It added that non-Life segment of market shows Oil & Gas business sustaining its market share dominance at 30.25%, increasing by two point (2.4%) compared to the previous quarter.
The fire Insurance came a distant second 22.2% maintaining same pattern of contribution to the gross premium pool of the market while Motor Insurance 14.9%, Marine & Aviation 12.2%, General Accident 11.1% and Miscellaneous 9.5% respectively.
While the Life business was driven by Individual Life portfolio 38.6% even as
its relative contribution fell by about 2.6% compared to third quarter 41.6%.
It noted that a contrasting path to the previous quarter, group life followed by about thirty-five (34.5%) per cent while
Annuity business contributed gross premium income of about twenty-seven 26.9% per cent
during the period.
