Q3 2022: Insurance Sector Records 28 Per Cent Growth

The National Bureau of Statistics (NBS) has revealed that the Nigerian insurance sector has recorded a 28.26 per cent growth rate for the third quarter of 2022.

The NBS stated this in its ‘Nigerian Gross Domestic Product report Q3, 2022.'

The report said, “As a whole, the sector grew at 21.37 per cent in nominal terms (year-on-year), with the growth rate of financial institutions at 20.65 per cent and a 28.26 per cent growth rate recorded for insurance.

"The overall rate was lower than Q3, 2021 by 5.09 per cent points, and lower by 8.53 per cent points than the preceding quarter. The quarter-on-quarter growth was -9.40 per cent.

"The sector’s contribution to the overall nominal GDP was 2.83 per cent in q3, 2022, higher than the 2.7 per cent it represented a year previous, and lower than the contribution of 3.63 per cent it made in the preceding quarter.

“Growth in this sector in real terms totalled 12.7 per cent, lower by 10.53 per cent points from the rate recorded in the 2021 third quarter and down by 5.78 per cent points from the rate recorded in the preceding quarter.

“Quarter-on-quarter growth in real terms stood at -10.14 per cent.

"The contribution of finance and insurance to real GDP totalled 3.49 per cent, higher than the contribution of 3.16 per cent recorded in the third quarter of 2021 by 0.32 per cent points, and lower than 4.25 per cent recorded in Q2, 2022 by 0.77 per cent points.