• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, August 7, 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 Economy/Technology

Insurance assets hit N2.3trn in Q3 – NAICOM

Insurance

The Matters Press by The Matters Press
December 20, 2022
Reading Time: 2 mins read
0
CIIN president tasks Insurance directors on manpower development

The National Insurance Commission (NAICOM) says the insurance industry has recorded total assets of N2.3 trillion, indicating 9.0 per cent increase, Year-On-Year (YoY) at the end of the third quarter.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

This is contained in a bulletin of the performance of the insurance market released on Tuesday in Lagos by Mr Rasaaq Salami, spokesperson for NAICOM.

The commission said the industry’s balance sheet stated that non-life business accounted for N1.1 trillion assets while the life business stood at about N1.2 trillion.

“From the ongoing, the market statistics of the third quarter 2022 has revealed some quality developments in the industry performance indicators in terms of growth and retention.

“Also, claims management experience and profitability, at levels of which the industry could be ruled as profitable, sound and stable.

“In cognisance also of the on-going digitisation and market deepening measures of the commission, the outlook remains strongly positive,” it said.

According to NAICOM, the insurance market remains profitable during the period, recording an overall industry average of 54.5 per cent, though lower, compared to 46.7per cent recorded in the corresponding period of the preceding year.

The commission reported that the non-life segment stood at 43.5 per cent better than in the life business, which reported a net loss ratio of 63.6 per cent during the period.

It said the sustained lower net loss ratios of the non-life, which was relatively a short-term business, was good for the market as it could quickly register some good market image and confidence in the industry.

NAICOM said: “Nonetheless, despite a rather good scenario of the market average, three insurers gave rise to the reported net loss ratio of the period under review.

“Those were underwriters with figures of a hundred per cent and above of net loss ratios.”

The commission explained that market control setting had not significantly changed in the last three months.

It said in the life business segment, three companies recorded a proportional contribution of about 0.1 per cent, same position compared to the previous quarter.

NAICOM stated that the top three insurers contributed 49.3 per cent of all

premiums generated during the period, which is just about four points increase compared to 45.4 per cent recorded in the previous quarter.

“Similarly, the non-life business had a record of 0.2.per cent of its market share contributed by the least three of the underwriters, same as in the prior period of second quarter of the year.

“While about 31.per cent of the non-life gross premium was contributed by its top three insurers, up from about 27 per cent it recorded in the previous quarter.

“Comparatively, the top 10 underwriters in the non-life section of the industry underwrote 64.2 per cent of the gross premiums income portraying an increased concentration risk from its position of 60.8 recorded in the prior period.

“Nonetheless, at the least bottom of the market, are institutions under regulatory watch or facing various operational challenges as revealed over time,” it said.

According to NAICOM, in the overall analysis, the market maintained a fairly balanced concentration, especially in the non-life section of the industry.

Tags: Insurance
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Kano Local governments propose N229bn for 2022

Uzodimma presents N447bn 2023 budget proposal to Imo Assembly

Maritime sector critical to economic growth — Shippers

Nigeria yet to maximise opportunities in maritime – Bello-Koko

Recommended Stories

Tinubu denies manipulating NASS

Tinubu to deepen economic diplomacy at UNGA – Aide

September 16, 2023
Trading in Nigerian stock market dips further N83bn

Stock market recedes by 0.26%

April 2, 2022
Yoruba cultural festival holds in Chicago

Yoruba cultural festival holds in Chicago

June 1, 2019

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

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

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