The Insurance industry of Nigeria has sustained its progressive trend of positive market performance at the close of 2023.
Recent report published by the National Insurance Commission NAICOM from the fourth Quarter of 2023 indicate the sector recorded a milestone growth to close at N1.003 trillion, representing about 27 percent growth compared to the N790billion recorded in 2022.
The Non-Life business accounted for 61.3 per cent of all premiums written during the year while the Life segment contributed 38.7 percent, valued at N388.1billion. The market also recorded a retention of about 87.7 percent for the Life business, just about 54 percent for Non-Life while the aggregate market average retention stood at 66.7 percent during the same period. The report further shows that major growth drivers in the non-life segment of the market were Oil & Gas and Fire Insurances, contributing 27.3% and 24.1% respectively. In a direct reflection to the ongoing regulatory measures regarding claims settlement, the Life business recorded about 95 percent of net claims to the total recorded claims during the year while the market average stood at about 71.4 percent of the N536.5billion gross claims reported at the close of fourth quarter, 2023. In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continue to decline, posting a 1.6 percent as outstanding of all the premiums generated in the market during the period.
Statistics also shows that the market recorded total assets of about N2.67trillion and capitalization of N851billion in 2023.
Good production costs money and you can support what we do. Please find our details below👇🏾👇🏾👇🏾 Account name: MARKET ONLINE MEDIA Bank: UBA Acc No: 1026401930.
