‘Nigeria’s insurance sector gross premium written hit N729.1bn in Q3’

The National Insurance Commission (NAICOM) has disclosed that insurance companies in Nigeria recorded a gross premium written of N729.1 billion in the third quarter of 2023 (Q3 2023).

In a document titled “Nigerian Insurance Market at a Glance – Q3, 2023,” NAICOM stated that the industry also had gross claims of N365.5 billion and net claims of N259.0 billion paid to policyholders.

It highlighted that major drivers of growth during the period were individual life, 36.4 percent, group life, 34.5 percent, oil and gas, 28.9 percent, fire, 23.6 percent and motor, 18.1 percent.

NAICOM stated that the industry’s total assets was N2.8 trillion, which break-down shows that total assets for non-life was N1.74 trillion and total assets for life, N1.07 trillion.

The insurance industry regulator further disclosed that the sector’s total paid up capital was N422.3 billion; total capital, N848.9 billion and total statutory deposit N26.7 billion.

According to the NAICOM, the ratio of total claims to total premium was 50.1 percent; ratio of claims paid to reported, 70.9 percent; ratio of claims paid to reported, non-life, 55.0 percent and ratio of claims paid to reported, life, 94.9 percent.

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