Insurance companies paid N244.3bn as net claims paid in the Q4 2022, increasing by 17.9% quarter-on-quarter QoQ during the same period
Similarly, National Insurance Commission Bulletin of the Insurance Market Performance, a statistic department quarterly for the fourth quarter, stated that claims reported during the same period was a far throw higher than what was paid in the reviewed period.
Already knocking at the claims department doors of underwriting companies is unadjusted claims of N318.2bn, representing a 31.2% QoQ growth. The report noted that the increase was made possible by growing awareness and market expansion as well as consumers confidence.
Motor remained the major claims pay point with 92.3%, a nine percent improvement on its prior position. Fire insurance was the least at about 46.3%, the only class below average proportion. All other portfolios of general accident insurance, oil & gas 51.6%, marine & aviation 74.4%, miscellaneous insurances 86.1% recorded a proportion above the average, of paid claims against gross claims reported.
The report stated that life insurance reported two points less in comparison to the position held in the prior period of 94.6% of net claims paid compard to total claims reported during the same period of 2021.
The report also disclosed the total assets of the industry to be N2.3tr, it expanded by 2.4% QoQ and 4.4%YoY. Ata close up view, NAICOM report said, “This is relatively at a lower momentum compared to the prior when the progression rate was recorded at about nine percent YoY, attributable to the wave of recapitalisation drive recorded in that period.