Business News
Insurance industry total assets hit N2.3tn in Q3
At the conclusion of the third quarter of 2022, the insurance company in Nigeria had N2.3 trillion in total assets.
At the conclusion of the third quarter of 2022, the insurance company in Nigeria had N2.3 trillion in total assets. This information was released by the National Insurance Commission on Monday in a report entitled “Statistics department quarterly overview of the insurance market third quarter, 2022.”
The industry registered a total asset of roughly N2.3 trillion, representing a 9.0% YoY rise, it was written. The industrial balance sheet showed that non-life business assets totaled around N1.1 trillion, whilst life business assets were about N1.2 trillion.
The report states that N532.7 billion was the gross premium income for the industry in the third quarter of 2022.
“Likened to Nigeria’s growth in real Gross Domestic Product of 2.3 percent during the same period, the industry fostered at a higher rate of about 15 (14.9 percent) percent growth rate, an impressive performance once again,” it stated.
In the third quarter of 2022, the market reported gross claims of N242.6 billion, which was somewhat less than the corresponding quarter in 2021 and represented a fall in total claims of -2.3%.
However, it said, the ratio of total claims to gross premium during the present period was roughly 46%.
On the other hand, the net claims paid were around N207.2 billion, or 85.4% of the total gross claims reported over the time period.
According to the data, the life insurance sector had a nearly flawless position of 95.0 percent claims settlement against all filed claims, while the non-life segment was at 72.4 percent at the same time.