BY NKECHI NAECHE-ESEZOBOR–Nigerian insurance industry total assets rose to N2.8 trillion at the end of Q3, 2023, BusinessTodayNG has learnt.
This is contained in a document made available by the National Insurance Commission, ( NAICOM), titled: “Nigerian Insurance Market at a Glance – Q3, 2023.
According to the breakdown released by the commission, total assets for non life stood at N1.74 trillion while total assets for life business stood at N1.07 trillion, bring the total size of the industry market to N2.8 trillion at the end of Q3, 2023.
The insurance regulator also said the industry operators gross claims stood at N365.5 billion while net claims was N259.0 billion as at the end of Q3, 2023.
The industry paid-up was N422.3billion while total industry capital rose to N848.9 billion at the end of the period under review.N26.7 billion was achieved as total statutory deposit for the same period.
In the third quarter of this year the industry gross premium written stood at N729.1 billion at the close of business.
The commission added that major drivers of growth during the period were; individual life, 36.4 per cent; group life, 34.5 per cent; oil and gas, 28.9 per cent, fire, 23.6 per cent and motor 18.1 per cent.