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Chuks Udo Okonta
The Insurance industry of Nigeria has sustained its progressive trend of positive market performance at the close of 2023 fourth
quarter, recording a milestone growth in Gross Premium Written (GPW) of N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.
This was disclosed today by the National Insurance Commission (NAICOM) in a document entitled: Market Performance at a Glance -Q4, 2023.
The insurance industry regulator submitted that 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 said the market also recorded a retention of about 87.7 per cent for the Life business, just about 54 per cent for Non-Life, while the aggregate market average retention stood at 66.7 per cent during the same period.
NAICOM posited that major growth drivers in the non-life segment of the market were Oil & Gas and Fire Insurances, contributing 27.3 per cent and 24.1 per cent respectively.
In a direct reflection to the ongoing regulatory measures regarding claims settlement, the Life business recorded about 95 per cent of net claims to the total recorded claims during the year while the market average stood at about 71.4 per cent of the N536.5 billion gross claims reported at the close of fourth quarter, 2023, it said.
“In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continue to decline,
posting a 1.6 per cent as outstanding of all the premiums generated in the market during the period,” it stated.
NAICOM said statistics also showed that the market recorded total assets of about N2.67 trillion and capitalisation of N851 billion in 2023.
