*Insurers pay N174.8 billion Q2 2022
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Chuks Udo Okonta
The National Insurance Commission (NAICOM) said the insurance industry recorded total asset of about N2.3 trillion in the second quarter of 2022.
NAICOM stated this in publication entitled: Bulletin of the Insurance Market Performance : Synopsis of the Insurance Market Second Quarter, 2022, adding that the sector recorded an increased rate of growth at 11.9 per cent, quarter on quarter with a total asset of about N2.3 trillion.
It noted that the industry’s financial position revealed a total of N1.2 trillion in assets of Non-Life business while the Life business stood at about N1.1trillion.
The insurance industry regulator said the performance analysis of the insurance industry is an insight into the market behavior in the second quarter of 2022, stressing that in the second quarter of 2022, the market recorded about N369.2 billion during the period, indicating a 20.1 per cent growth rate compared to the same period of the previous year and an impressive 65.0 per cent, quarter on quarter.
The market data reveals that the industry grew 20.1 per cent higher than the national real Gross Domestic Product (GDP) of 3.5 per cent during the same period, NAICOM submitted.
It said the industry’s impressive performance given the recent trajectory, is as to
the continued improvement of Life Insurance business as driven by its component of
the Individual Life.
NAICOM submitted that the growth of the gross claims reported was 0.2 per cent during the quarter compared to the corresponding period of 2021, stressing that the industry statistics for gross claims in Q2 of 2022 stood at N174.8 billion, representing 47.3 per cent of all premium generated during the period.
It said the statistics of the insurance market performance for second quarter 2022 revealed some quality improvements in the market indicators including growth, claims settlement and profitability, adding that it is obvious that, the market could be adjudged as sound and stable whilst, the stance of the market deepening remains optimistic.