The Nigerian insurance market recorded N369.2bn gross premium income as at the second quarter of 2022. The performance analysis indicate that this was growth compared to same period the previous year and “an impressive 65 percent quarter on quarter,
The just released Bulletin of the Insurance Market Performance by the National Insurance Commission stated that “the continued steady growth from the first quarter of the year correlates with the current performance of the period under review.”
The contribution by each class of business showed that motor closed the quarter with N32.4bn, fire N45.3bn, general accident N24bn, marine N26.9bn, oil and gas N71.2bn, miscellaneous N19.4bn, life performance ended the quarter with N150bn.
NAICOM Bulletin stated that “The market data reveals that the industry grew 20.1 percent higher than the national real gross domestic product (GDP) of 3.5 percent during the same period. This indicates the industry’s impressive performance given the recent trajectory.”
Table 1: Gross Premium Income: Non-Life & Life Businesses: Q2, 2022
Currency: N Billions
Motor. Fire. Gen. Accident. Marine. Oil &Gas. Misc. Life. Total.
32.4, 45.3, 24,0, 26.9, 71.2, 19.4, 150.0, 369.2
The Bulletin indicate that the non-life business “maintained its primacy at 59.3% of the total premium generated.” Insights show oil and gas was the lead driver at 32.5% with a distant second for fire. Motor insurance stood at 14.8% while marine and aviation, general accident and miscellaneous reported a share of 12.3%, 10.9% and 8.9%.
“Life business on the other hand recorded 40.6% of the insurance market production as its share contribution, gradually closes up. The share of annuity in the life insurance business logged at about twenty-five percent (24.7%) while individual life held a major driver position at 41.8% of the premium generated during the period,” the Bulletin stated.
