By LOVETH AZODO, Lagos
The Nigerian Insurance industry has posted a gross premium of N726.2billion in the fourth quarter of 2022 representing a thirty-Six per cent growth quarter on quarter and about eighteen per cent (17.8%) year on year.
The total claims settled by the industry stood at N318.2billion representing 31.2% per cent quarter on quarter growth.
According to the Bulletin of the Insurance Market Performance-Q4 made available by the National Insurance Commission, the remarkable increase is as a result consistent regulatory measures being carried out by the Commission.
It stated “ The gross premium income generated as at the fourth quarter of 2022 stood at N726.2billion, representing a growth proportion of about 36.3 percent, quarter on quarter and indeed, about 17.8 percent year on year.
The report shows that the Non-Life business contributed about 57.4 per cent relative to the share of the Life business 42.6 percent, keeping about same position in prior period.
The Oil & Gas business stood at 30.25 percent, increasing by two point compared to the previous quarter, Fire Insurance stood at 22.2 percent maintaining same pattern of contribution to the gross premium pool of the market while Motor Insurance 14.9 percent, Marine & Aviation 12.2 percent, General Accident 11.1 percent and Miscellaneous 9.5 percent.
On Life it stated “The proportional significance of Life in the industry was sustained a positive course in recent times reflective of the consumer’s confidence and awareness.”
It added that individual life which contributed a large chunk of 39 percent of all the premiums generated is the driving force behind the growth in the life segment closely followed by the group life which stood at 34 percent while annuity at 27 percent.
Also, the report revealed that the industry recorded an impressive development with regards to claims settlement in the non-life business with a record of about 63.7 per cent compared to the previous period 46.9 percent.
It added that the development indicates that despite operational challenges, the claims settlement experience of Insurers is improving.
“The Insurance Claims reported during the fourth quarter stood at N318.2billion representing a thirty-one (31.2%) per cent QoQ growth. Possible attainment as a result of growing awareness and Market expansion as well as consumer’s confidence. In a similar pattern, the net claims paid
were reported at N244.3billion, growing at about eighteen per cent (17.9%) QoQ during the same period,” it stated.
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