Insurance Sector: N2.3tr Total Assets, N726bn Premium, N318bn Claims in Q4 2022

 

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.”

Hot this week

The First Foundations of Inclusion: Mobility, Education and Nigeria’s Future

Chuma Nwokocha | Chief Executive, Stanbic IBTC Holdings Discussions about...

NAICOM Issues Official Disclaimer, Public Notice over Suspected Impersonation of CFI

DISCLAIMER ON FRAUDULENT SOCIAL MEDIA ACCOUNTS, IMPERSONATION OF THE...

‘Nigeria Unseen’: NLNG Announces 2027 Creative Arts Prize Call for Entries, Appoints Advisory Board

Nigerian filmmakers are being challenged to show audiences a...

Ecobank Adire Lagos Returns with Bigger Dec Edition, Targets 35,000 Visitors, 150 African Brands

Ecobank Nigeria has announced the return of Ecobank Adire...

InvestBeta Gameshow 3.0 by Stanbic IBTC Asset Management Now Live on YouTube

InvestBeta Gameshow 3.0 is officially live on the Stanbic...

Topics

NITDA Warns of Potential Cyber Attacks in 2018

The management of the National Information Technology Development Agency...

INTEL: IMPACTING LEARNING WITH TECHNOLOGY THROUGH TEACHER EDUCATION

All over the world, there is an increasing attention on the role technology plays in preparing students for the 21st century. Unlike the traditional method of learning which is more about the paper and pencil teacher centered approach, technology-induced learning not only motivates learning in students, but it also offers them the 21st century skills needed to remain competitive in a highly technological knowledge-based economy.

THE EXECUTIVE CALENDAR 2026

  SeedG3: Growth-Grit-Global Theme: Scaling African Enterprises for Global Markets ...

SERAP asks Akpabio, Abbas to Explain ₦1.3bn Allocation to ‘Fictitious Presidential Council’

The Socio-Economic Rights and Accountability Project (SERAP) has urged...

Ecobank Earns Stable Outlook Ratings from Moody’s

Moody’s has affirmed Ecobank Transnational Incorporated’s (ETI) B3/Not Prime...

Emirates Rolls out 700 Exclusive Winter Deals with My Emirates Pass

Emirates Airlines has announced exclusive winter offers with My...

2nd Year Anniversary: Tinubu Hails NASENI’s Contributions to National Economy

A special recognition of excellent performance toward fulfilling Federal...

Africa Could Record 4.2% Growth by Overcoming Power Sector Challenges

Sub-Saharan Africa should prioritise the development of its power...