The insurance market data released by the National Insurance Commission (NAICOM) indicates that the total assets of the sector as at fourth quarter of 2022 stood at N2.3 trillion while the gross premium income was N726. 2 billion. The total claims in the period under review stood at N318.2 billion.
According to the report, the total assets figure sustains a positive growth that signifies expansion at the rate of 2.4 percent (QoQ) and 4.4 percent (YoY).
“However, the outlook of the market growth in terms of assets remains positive with the increasing measures of market deepening and development, recapitalization drive still ongoing, regulatory insurance laws and provisions enshrined in the insurance bill being reviewed and digitization of the supervisory wide processes would lead to the realization of the vast potential of the insurance industry.”
The report also states that the gross premium income generated represents a growth proportion of about 36.3 percent (QoQ) and 17.8 percent (YoY).
Reviewing the market performance, NAICOM stated:
“Statistics of the insurance market performance for the fourth quarter 2022 revealed consistent growth in terms of premium generation, quality improvements in essential indicators, including claims settlements and profitability. It is obvious that the market could be ruled as sound and stable whilst the stance of the market deepening remains optimistic inspite of operational and macro-economic challenges.”