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Chuks Udo Okonta
The insurance sector has continued to make a great impacts in the economy as N622 billion was paid to claimants in 2024, thereby empowering them to contribute more to national development.
The Chairman Nigerian Insurers Association, (NIA) Kunle Ahmed, whilst speaking today at the association’s 54th Annual General Meeting (AGM) in Lagos, noted that Non-life segment accounting for N437 billion and the life segment for N185 billion of the claims payment.
According to him, the industry reported a gross written premium of N1.562 trillion when compared to N1.003 trillion recorded in 2023, indicating 56 per cent growth.
He submitted that the Non-life business accounted for N1.1 trillion, while life business generated N470 billion.
The industry total assets, he said expanded significantly to N3.9 trillion, a 46.1 per cent rising from N2.67 trillion in 2023, while market capitalisation also grew substantially, reaching N1.2 trillion, a 41 per cent increase from N850 billion in 2022.
The life insurance segment also saw substantial growth with group life insurance emerging as the largest premium generator.
He maintained that within the non-life sector, fire, oil and gas insurance lines were key drivers of revenue growth, with all non-life products demonstrating strong quarter-on-quarter increases.
The life insurance segment he said also saw substantial growth with group life insurance emerging as the largest premium generator.
He commended the National Insurance Commission (NAICOM) and National Pension Commission (PenCom) for the robust regulatory responsibilities, which have taken the insurance industry to lofty heights.
