Home Business Insurance Industry in Nigeria Records N729.1bn as Premium in 2023

Insurance Industry in Nigeria Records N729.1bn as Premium in 2023

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The National Insurance Commission says companies in the Nigerian insurance industry collected the sum of N729.1 billion as premium in the first, second and third quarters of 2023.

This according to the insurance regulator indicates an increase of N196 billion when compared to the N532.7 billion collected in the first three quarters of 2022.

NAICOM gave the indication in a documented analysis titled “Nigerian insurance market at a glance – Q3, 2023” on Friday, in Lagos.

NAICOM stated that the N729.1 billion premium collected as at the end of the third quarter of 2023 was about N279 billion short of the N1 trillion target set for the year.

The Commission noted that insurance companies recorded N365.5 billion as gross claims in the first three quarters of the year and paid net claims of N259 billion.

Claims paid indicated a 24.9 per cent increase over the N207 billion paid in the first three quarters of 2022, it stated.

NAICOM identified major drivers in the industry during the period as individual life insurance, which accounted for 36.4 per cent of the growth and group life insurance, which accounted for 34.5 per cent.

For oil and gas, NAICOM said the sector contributed 28.9 per cent to the growth; fire contributed 23.6 per cent, while motor insurance contributed 18.1 per cent.

According to NAICOM, the industry’s total size had reached the N2.8 trillion mark as total assets for non-life insurance was N1.74 trillion, while total assets for life insurance was N1.07 trillion.

The document stated that paid-up capital in the industry stood at N422.3 billion, while total industry capital was N848.9 billion and statutory deposit was N26.7 billion, it stated.

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