Nigerian Insurance Companies Earn N729.1bn Premium in 2023
Nigerian insurance companies earned N729.1bn premium from life and non-life businesses in the first three quarters of 2023 financial period.
The National Insurance Commission disclosed this in a report titled, ‘Nigeria insurance market at a glance- Q3, 2023’.
According to the report, the companies paid N365.5bn gross claims, while net claims amounted to N259bn in the period under review.
Under the non-life business, oil and gas accounted for 28.9 percent, fire 23.6 percent, while motor was 18.1 percent.
The figures showed that under life business, individual life accounted for 36.4 percent, while 34.5 percent was group life.
NAICOM stated that the industry’s total size stood at N2.81bn, while non-life and life were N1.7tn and 1.1tn respectively.
The Commissioner for Insurance, Mr Sunday Thomas, said at the insurance director’s conference in Lagos recently that the industry launched a strategic roadmap to revolutionise the insurance sector with a well coordinated implementation approach.
He said, “Insurance penetration is expected to move from the current rate of 0.4 percent to 2.1 percent by the year 2033 and which will substantially improve the rating of the Nigerian insurance market in the global insurance map.
“With respect to the performance and potential of the insurance sector, the sector has over the years experienced an average steady year on year growth of 15.1 percent in premium income, however this is far below the opportunities provided by the Nigeria economy.”
Punch/Hauwa Abu
