• Business - Companies
  • Updated: March 23, 2023

Q4 2022: Insurance Industry Records 4.4 Per Cent Growth

The Statistics Department Quarterly Report of the Insurance Market has revealed that the total assets of the insurance industry stood at N2.33 billion in the fourth quarter of 2022, which represents a 4.4 per cent increase when compared to what was recorded in the previous year.

The report, in a bulletin of the Insurance Market Performance, was made available by the National Insurance Commission (NAICOM) on Thursday in Lagos.

According to the report, the market size distribution in terms of the total assets recorded with respect to life insurance stood at 1.22 billion, while the non-life insurance businesses during the period stood at 1.12 billion.

“However, the outlook of the market growth in terms of assets remains positive, with the increasing measures of market deepening and development and recapitalisation drive still ongoing.

“Also, regulatory insurance laws provisions enshrined in the Insurance Bill, being reviewed and digitisation of the supervisory wide processes would lead to the realisation of the vast potentials in the insurance industry", it stated.

The report further disclosed that statistics of the insurance market performance for the quarter under review revealed consistent growth in terms of premium generation, quality improvements in essential indicators including claims settlement and profitability.

“It is obvious that the market could be ruled as sound and stable, whilst the stance of the market deepening remains optimistic in spite of operational and macro-economic challenges.” 

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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