Insurance operators recorded N726bn premium in 2022 – NAICOM

Nigeria’s insurance industry recorded N726.2bn gross premium income at the end of the fourth quarter of 2022

The National Insurance Commission disclosed this on Thursday in its ‘Bulletin of the insurance market performance’, a statistics department quarterly report of the insurance market for fourth quarter, 2022.

The industry also paid N318.2bn claims to its customers, while its total assets stood at N2.32tn in the fourth quarter.

It stated, “The gross premium income generated as at the fourth quarter of 2022 stood at N726.2bn, representing a growth proportion of about 36.3 per cent, quarter on quarter and indeed, about 17.8 per cent year on year.

“This is a remarkable situation compared to the real growth 3.5 per cent of Gross Domestic Product over the same period and, is attributable to consistent regulatory measures being carried out by the commission.”

According to the report, non-life business as in the prior periods, continued its dominance, contributing about 57.4 per cent relative to the share of the life business 42.6 per cent, keeping about same position in prior period.

The proportional significance of life in the industry was sustained a positive course in recent times reflective of the consumer’s confidence and awareness.

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