• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, October 25, 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 claims hit N318.2bn

Insurance

The Matters Press by The Matters Press
March 23, 2023
Reading Time: 2 mins read
0
CIIN president tasks Insurance directors on manpower development

The Insurance industry reported claims for fourth quarter 2022 stood at N318.2billion, representing 31.2 per cent Quarter -to-Quarter (QoQ) growth, the National Insurance Commission(NAICOM) has said.

RELATED POSTS

Think tank blames historically poor management of resources on Nigeria’s high poverty prevalence

Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria

‎IMPI revises inflation rate projection to 14% from 17% for December

NAICOM said this in a bulletin of the Insurance Market Performance titled : Statistics Department Quarterly Report of the Insurance Market, Fourth Quarter, made available on Thursday in Lagos.

The commission stated that the record was as a result of growing awareness, market expansion and consumer’s confidence.

It said the net claims paid were reported at N244.3billion, growing at about 18 per cent QoQ, during the same period.

NAICOM noted that non-life insurance segment indicated that motor insurance led the result of claims settlement vis -a -vis gross claims reported at 92.3 per cent, signifying a nine points improvement as against its prior position.

It said fire insurance was the least with 46.3 per cent, which is the only class below average proportion.

The commission reported that all other portfolios such as : General
accident insurance with 80.7 per cent, Oil & Gas with 51.6 per cent, Marine & Aviation with 74.4 per cent, miscellaneous insurances with 86.1 per cent, recorded a proportion above the average of paid claims, against gross claims reported.

It said life insurance business on the other hand reported two points less in comparison to the position held in the prior period of 95 per cent of net claims paid, compared to total claims reported during the same period of 2021.

” The data revealed an impressive development with regards to claims settlement in the non-life business with a record of 63.7 per cent compared to the previous period of 46.9 per cent.

” It therefore indicates that despite operational challenges, the claims settlement experience of insurers is improving,” it said.

According to NAICOM, the market recorded about 47.2 per cent net loss ratio during the period under review, suggesting a workable, cost effective and profitable business in the industry.

The commission attributed the performance mostly to the life business sustaining its positive course at 46.5per cent net loss ratio in the current period while the non-life portfolio recorded about 48.1 per cent during the same period.

“Comparatively, the market recorded an aggregate market average of 54.5 per cent of net loss ratio in the previous period, hence depictive of an improved aggregate market desirability and profitability during the current period.

“Six companies with net loss ratios above 100 per cent were majorly responsible for the average industry loss registered for the
period,” NAICOM said.

Tags: Insurance
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Think tank blames historically poor management of resources on Nigeria’s high poverty prevalence

October 24, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria

October 22, 2025
NBS reports increase in Inflation
Economy/Technology

‎IMPI revises inflation rate projection to 14% from 17% for December

October 22, 2025
CSOs give  thumps-up to Tinubu’s ONSA-NCTC, back Trump aide’s dismissal of Christian genocide in Nigeria
Agriculture

CSOs give thumps-up to Tinubu’s ONSA-NCTC, back Trump aide’s dismissal of Christian genocide in Nigeria

October 22, 2025
Standing With the Bello Family – Justice Must Never Be Cheapened
Energy

Standing With the Bello Family – Justice Must Never Be Cheapened

October 17, 2025
You led with distinction, CG of Customs, hails former boss,  Mohammed at 80
Economy/Technology

You led with distinction, CG of Customs, hails former boss, Mohammed at 80

October 10, 2025
Next Post
Increasing food production excites Uganda

CBN, Association inaugurate e-naira programme, targets 1m farmers

Experts validate Nigeria’s implementation strategies for success under AfCFTA

MINILS urges CBN to rethink cashless policy

Recommended Stories

Maritime sector critical to economic growth — Shippers

Maritime sector critical to economic growth — Shippers

December 28, 2021
Buhari launches eNaira, first digital currency in Africa

Banks not authorised to accept old N500, N1,000 notes – CBN

February 18, 2023
South Africa in load shedding to manage dip in power

FCCPC tasks Discos on quick response to customers’ complaints

March 3, 2024

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

  • Think tank blames historically poor management of resources on Nigeria’s high poverty prevalence
  • Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria
  • ‎IMPI revises inflation rate projection to 14% from 17% for December

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