Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home News

Nigerian insurance industry asset gross 2.67trn

Benita OrumabyBenita Oruma
March 26, 2024
in News
0
Nigerian insurance industry asset gross 2.67trn
Share on FacebookShare on TwitterShare on Whatsapp

The Nigerian insurance industry has recorded a significant growthin real terms as the market recorded total assets of N2.67trillion.

This is according to latest data released today Tuesday, 26th March by the Statistics department, directorate of Research, Statistics and Publication of the National Insurance Commission (NAICOM).

The data also revealed that the industry recorded a total Capitalisation of N851 billion within the period under review.

Having recorded a milestone growth to close at N1.003 trillion which represents about 27 percent growth compared to the N790 billion recorded in 2022, Nigeria’s Insurance industry has sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

Nigerian insurance industry asset gross 2.67trn

According to the report, the non-life business accounted for 61.3 per cent of all premiums written during the year while the Life segment contributed 38.7 per cent, valued at N388.1billion.

It was also revealed that the major growth drivers in the non-life segment of the market was Oil and Gas and Fire Insurance, contributing ₦167.8 billion, representing 27.3% and ₦148 billion, which indicated 24.1% of the total premium respectively.

Meanwhile, the industry posted Gross claims of ₦536.5 billion at the close of the fourth quarter, of 2023, indicating a total Non-Life business of ₦312.3 billion and Life business of ₦224.2 billion.

The report further indicated that the “no-premium, no-cover” policy contributed to a decline in outstanding premiums, which accounted for 1.6% of all premiums generated during the period.

Tags: federal characterNewsNigerian insurance industry asset gross 2.67trn
Benita Oruma

Benita Oruma

Benita Oruma is a lawyer in training, a 400 level student in the university of Ibadan. She is a content writer with interest in corporate affairs and the marketplace.

Related Posts

A New Kind of Threat? Murder-Suicide at Ukrainian Station Raises Alarms
News

A New Kind of Threat? Murder-Suicide at Ukrainian Station Raises Alarms

October 24, 2025
After Louvre Heist, Thieves Hit Another French Museum
News

After Louvre Heist, Thieves Hit Another French Museum

October 23, 2025
US Troops on Standby In Anticioation of Massive, Coordinated Anti-Trump Protests
News

US Troops on Standby In Anticipation of Massive, Coordinated Anti-Trump Protests

October 18, 2025
Next Post
Step Up Your Fashion Game: Styling Tips for Ballet Flats

Step Up Your Fashion Game: Styling Tips for Ballet Flats

BBNaija: Multichoice Gives Date for Season 9 Auditions

BBNaija: Multichoice Gives Date for Season 9 Auditions

Was Akintelure Murdered?

Was Akintelure Murdered?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

The first private moon landing was likely unsuccessful

The first private moon landing was likely unsuccessful

3 years ago
Tapswap Announces Second Token Launch Postponement

Tapswap Announces Second Token Launch Postponement

1 year ago
Joeboy Recalls School Struggles, Launches Scholarship NGO

Joeboy Recalls School Struggles, Launches Scholarship NGO

9 months ago
International Outcry as Venezuela Issues Arrest Warrant for Opposition Leader

International Outcry as Venezuela Issues Arrest Warrant for Opposition Leader

1 year ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

NATO’s Rutte Taunts Kremlin: ‘Putin Is Out of Moves’

Driverless Cars May Kill Us All

Can Manchester United Make It Three Wins in a Row Under Ruben Amorim?

A “Shake-up” or a Purge? Tinubu Replaces Service Chiefs Amid Coup Probe

Tension in Cameroon as Opposition Leader Cries Foul Over Vote

INEC Faces Backlash as 2027 Campaign Posters Defy Electoral Ban

Trending

The Pop Culture Costumes Dominating Halloween 2025: From 'Wicked' Glamour to 'KPop Demon Hunter' Edge
Fashion & Lifestyle

The Pop Culture Costumes Dominating Halloween 2025: From ‘Wicked’ Glamour to ‘KPop Demon Hunter’ Edge  

bySomto Nwanolue
October 24, 2025
0

Halloween 2025 is shaping up to be a vibrant clash of aesthetics, where classic glamour meets internet-born...

Putin’s Man in America: Dmitriev Meets Trump Allies Amid Sanctions

Putin’s Man in America: Dmitriev Meets Trump Allies Amid Sanctions

October 24, 2025
Maryland Issued Double Payment To Workers

Maryland Issued Double Payment To Workers

October 24, 2025
NATO’s Rutte Taunts Kremlin: ‘Putin Is Out of Moves’

NATO’s Rutte Taunts Kremlin: ‘Putin Is Out of Moves’

October 24, 2025
Driverless Cars May Kill Us All

Driverless Cars May Kill Us All

October 24, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • The Pop Culture Costumes Dominating Halloween 2025: From ‘Wicked’ Glamour to ‘KPop Demon Hunter’ Edge  
  • Putin’s Man in America: Dmitriev Meets Trump Allies Amid Sanctions
  • Maryland Issued Double Payment To Workers

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com