Insurance sector’s gross premium written soars to N729.1bn in Q3, 2023

* Net claims N259.0bn

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Chuks Udo Okonta

Insurance companies in the third quarter of this year 2023, recorded a gross premium written of N729.1 billion, the National Insurance Commission (NAICOM) has said.

NAICOM in a document entitled: Nigerian Insurance Market at a Glance – Q3, 2023, stated that the industry also had gross claims of N365.5 billion and net claims of N259.0 billion.

It stated that major drivers of growth during the period were; individual life, 36.4 per cent; group life, 34.5 per cent; oil and gas, 28.9 per cent, fire, 23.6 per cent and motor 18.1 per cent.

The insurance sector regulator submitted that the industry total size was N2.8 trillion, which break down revealed that total assets for non life was N1.74 trillion and total assets for life N1.07 trillion.

It said the industry’s total paid up capital was N422.3 billion; total capital, N848.9 billion and total statutory deposit N26.7 billion.

NAICOM posited that ratio of total claims to total premium was 50.1 per cent; ratio of claims paid to reported 70.9 per cent; ratio of claims paid to reported, non-life, 55.0 per cent and ratio of claims paid to reported, life, 94.9 per cent.

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