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.
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.
