Nigeria’s Insurance industry Assets hit N2.328 billion in the fourth quarter of 2022 sustaining a positive growth that signifies expansion at the rate of two 2.4% percent, quarter on quarter, (QoQ) and at 4.4 percent year on year (YoY).
Figures from the Fourth Quarter 2022 Quarterly Report Of the Insurance Market released by the National Insurance Commission (NAICOM), revealed that the growth is relatively at a lower momentum compared to the prior period when the progression rate was recorded at about nine percent (YoY), attributable to the wave of recapitalisation drive recorded in that period.
The report however, said that “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 potentials in the insurance industry.”
The report also revealed that the insurance industry in Nigeria is poised to meet its responsibility as it paid N318.2 billion in claims in the fourth quarter of 2022, reflecting a thirty-one (31.2%) percent Quarter on Quarter (QoQ) growth.
The commission also attributed the growth to “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 N244.3 billion, growing at about eighteen percent (17.9%) QoQ during the same period.
Insights into the Non-life segment shows that Motor Insurance led with regards to claims in
settlement vis a vis gross claims reported at about ninty-two (92.3%) percent, the report showed, signifying a nine points improvement as against its prior position.
Meanwhile, Fire Insurance was the least at about forty-six percent (46.3%), the only class below average proportion.
“All other portfolios of General Accident Insurance (80.7%), Oil & Gas (51.6%), Marine & Aviation (74.4%), miscellaneous Insurances (86.1%) recorded a proportion above the average, of paid claims against gross claims reported. Life Insurance business on the other hand reported two points less in comparison to the position held in the prior period of ninety-five (94.6%) percent of net claims paid compared to total claims reported during the same period of 2021,” it added.
