The National Insurance Commission (NAICOM) has reported that Nigeria’s insurance industry’s total assets grew to about N2.3 trillion in the second quarter (Q2) of 2022, representing 11.9 percent quarter-on-quarter growth.
The commission gave these figures in its latest bulletin on ‘Insurance Market Performance’ which also reflected that the total in Non-Life Insurance stood at N1.2 trillion in Q2 while Life Insurance totalled about N1.1trillion.
The report showed that the insured made gross claims of N174.8 billion in the quarter under review, accounting for 47.3 percent of premiums collected and about 0.2 per cent growth compared to the corresponding period of 2021.
The bulleting indicated that net claims paid were N148.2billion, signifying 84.8 percent of claims made during the period and reflected the professional underwriting capacity of the industry as driven by the intensified regulatory activities of the commission.
According to the insurance industry regulator, in the quarter under review insurance business recorded a near-perfect point of 88.9 percent of claims settlement in Life Insurance compared to 76.8 percent in Non-life segment.
The figures further showed that Motor Insurance led the claims payment chart again, posting a claims settlement ratio of 92 percent.
The commission further reported that “progress was more noticeable in the oil and gas sector with 85.7 per cent of claims settlement ratio, an increase of some 43 points compared to its position of 42.8 per cent recorded in the corresponding period of 2021.
“General Accident claims recorded 75 per cent, Fire claims recorded 76.2 per cent, while Aviation and Marine claims recorded 61.9 per cent,’’ it added.
The industry regulator projected that sustained market development and growing confidence in the industry had the potential of reversing the negative peculiarities and challenges of the insurance market.
In addition, it maintained that such development would improve the industry’s contributions to the nation’s gross domestic product (GDP) on a sustainable basis.
