• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 28, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Insurance industry’s assets hit N2.3trn in second quarter

Insurance

The Matters Press by The Matters Press
October 9, 2022
Reading Time: 2 mins read
0
CIIN president tasks Insurance directors on manpower development

Nigeria’s insurance industry’s total assets grew to about N2.3 trillion in the second quarter of 2022, indicating an increased growth rate of 11.9 per cent over the first quarter.

RELATED POSTS

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

The National Insurance Commission (NAICOM) made this known on Friday in Lagos in a bulletin on Insurance Market Performance made available by Mr Rasaaq Salami, its spokesman.

It stated that the industry’s financial position indicated a total of N1.2 trillion in assets in Non-Life Insurance while the Life Insurance stood at about N1.1trillion.

It stated also that the insured made gross claims of N174.8 billion in the second quarter of the year, representing 47.3 per cent of premiums collected during the period.

It noted that gross claims made in the second quarter of the year indicated a 0.2 per cent growth compared to the corresponding period of 2021.

The market report indicated that net claims paid were N148.2billion, signifying an 84.8 per cent of claims made during the period.

“This reflects the professional underwriting capacity of the industry as driven by the intensified regulatory activities of the commission,’’ the bulletin stated.

It added that insurance business recorded a near perfect point of 88.9 per cent claims settlement in Life Insurance as against 76.8 per cent in non-life segment which stood at 76.8 per cent.

It stated also that motor insurance retained its lead, posting a claims settlement ratio of 92 per cent.

“Progress was more noticeable in the oil and gas sector with 85.7 per cent of claims settlement ratio, an increase of some 43 points compared to its position of 42.8 per cent recorded in the corresponding period of 2021.

“General Accident claims recorded 75 per cent, Fire claims recorded 76.2 per cent, while Aviation and Marine claims recorded 61.9 per cent,’’ it stated.

The bulletin added that a sustained market development and growing confidence in the industry would eventually improve the negative peculiarities and challenges of the market.

Tags: Insurance
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
Next Post
EU-ACT programme spends over N4.2b in capacity building in Nigeria

EU-ACT programme spends over N4.2b in capacity building in Nigeria

Nigeria to allocate $200m for creation of agricultural service centres

IFAD-VCDP to begin dry season farming to mitigate flood impact

Recommended Stories

Council seeks incentives to boost indigenous ship operations

13 ships with goods waiting to berth at Lagos ports

July 22, 2022
Nigeria’s food monthly imports dip

CBN raises MPR to 16.5%, retains other parameters

November 22, 2022
$27.3bn lost to salinity-induced soil degradation annually–SSSN

Bauchi state inaugurates sale of fertilizer

July 23, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group
  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us