Ikeja, Dec.2, 2023: Insurance companies collected N729.1 billion as premium in the first three quarters of 2023, an increase of N196 billion over the N532.7 billion collected in the first three quarters of 2022.
The National Insurance Commission (NAICOM), the regulatory agency in the industry, made the declaration on Friday in Lagos in a document entitled: “Nigerian insurance market at a glance – Q3, 2023’’.
NAICOM stated that the N729.1 billion premium collected as at the end of the third quarter of 2023 was about N279 billion short of the N1 trillion target set for the year.
It added that insurance companies recorded N365.5 billion as gross claims in the first three quarters of the year and paid net claims of N259 billion.
Claims paid reflected a 24.9 per cent increase over the N207 billion paid in the first three quarters of 2022, it stated.
NAICOM identified major drivers in the industry during the period as individual life insurance, which accounted for 36.4 per cent of the growth and group life insurance, which accounted for 34.5 per cent.
It stated that oil and gas contributed 28.9 per cent to the growth; fire contributed 23.6 per cent, while motor insurance contributed 18.1 per cent.
NAICOM added that the industry’s total size had reached the N2.8 trillion mark as total assets for non-life insurance was N1.74 trillion, while total assets for life insurance was N1.07 trillion.
Paid-up capital in the industry stood at N422.3 billion, while total industry capital was N848.9 billion and statutory deposit was N26.7 billion, it stated.
It indicated also that change in capital in the industry stood at 1.5 per cent in quarter-on-quarter basis, while it stood at 19.9 per cent in year-on-year basis.
