The Nigeria insurance industry is steadily inching up to the trillion mark and with about N224bn the industry is set to pump hands for a performance set a it close to decade ago.
The industry showed guts with a performance of N726.2bn at the end of fourth quarter of 2022. This represents a growth proportion of about 36.3%, quarter on quarter and indeed, approximately 18% (17.8%) year on year.
The National Insurance Commission Bulletin of the Insurance Market Performance on the Fourth Quarter, 2022, noted in clear terms that the performance rests on two pillars: the improving business models by the operators and own self congratulations, the Commission relentless efforts to turnaround the fortunes of the market through policies.
“This is a remarkable situation compared to the real growth (3.5%) of gross domestic product (GDP) over the same period and, is attributable to consistent regulatory measures being carried out by the Commission,” the report stated.
Quite remarkable is the life insurance business which leads with N309.9bn. Coming after is oil and gas, N 125.7bn, fire follow with N93.6bn. The next is motor, N62.2bn, while segment closed with N51bn, general accident recorded N46.1bn and the least miscellaneous was N39.7bn.
