Insurance industry records  N1.003trn income, total assets N2.67trn in Q4, 2023

The insurance industry in Nigeria has recorded impressive and sustained market performance at the close of fourth quarter, 2023.

For instance, the market recorded a milestone growth in Gross Premium Written (GPW) of N1.003 trillion, representing about 27 per cent growth compared to  N790 billion recorded in 2022.

Besides, the report disclosed that the market recorded total assets of about N2.67 trillion and capitalization of N851 in 2023.

This is contained in a report released by the National Insurance Commission (NAICOM) titled: Market Performance at a Glance -Q4, 2023.

According to the commission, Non-Life business accounted for 61.3 per cent of all premiums written during the year, while the Life segment contributed 38.7 per cent, valued at N388.1billion.

The report showed that the market also recorded a retention of about 87.7 per cent for the Life business, just about 54 per cent for Non-Life, while the aggregate market average retention stood at 66.7 per cent during the same period.

The Commission said that the growth recorded was driven by the non-life segment of the market where Oil & Gas and Fire Insurances, which  contributed 27.3 per cent and 24.1 per cent respectively.

In a direct reflection to the ongoing regulatory measures regarding claims settlement, the Life business recorded about 95 per cent of net claims to the total recorded claims during the year while the market average stood at about 71.4 per cent of the N536.5 billion gross claims reported at the close of fourth quarter, 2023, it said.

“Bedides, the “no-premium no-cover” policy of the Commission, the outstanding premium continue to decline, posting a 1.6 per cent as outstanding of all the premiums generated in the market during the period.”

The report further disclosed that market recorded total assets of about N2.67 trillion and capitalisation of N851 billion in 2023.