The N1 tr gross premium mark anticipated for the Nigerian insurance market when the compulsory insurances were placed on the underwriting desks of insurance companies by National Insurance Commission several years ago but remained illusive may appear in the horizon. It was out of sight because enforcement of mandatory insurances were decoupled at legislation, however, hope of earning it was rekindled with the the coupling of enforcement on ‘no premium no cover’.
Now there is a sigh of it coming to fruition as indicated in the current Nigerian Insurance Market at a Glance published by National Insurance Commission, it is now almost within sight with market gross written closing at N729.1 bn at the close of Q3 2023.
The closeness to the trillion mark was captured in the Nigerian Insurance Market at a Glance published by the National Insurance Commission for market performance in the Q3 2023.
The claims variable was also stated in the publication where it was indicated that gross claims for the period stood at N365.5bn, while the net claims was N259bn.
The major drivers of growth during the period for non-life remained oil and gas, 28.9% followed by fire, 23.6% and in the next position motor earned 18.1%. For life growth drivers, individual life led with 36.4% followed by group life at 34.5%