Insurance industry has defined the essence of its business as a whole and indeed a major factor in consumer confidence building by recording net claims paid at about N207.2bn in the Q3 2022, signifying an 85.4% of the N242.6bn gross claims paid during the period.
Also captured in the Bulletin of the Insurance Market Performance, Third Quarter, 2022, is the gross premium income which closed at N532.7bn at a year on year (YoY) growth rate of about fifteen percent during the period.
Insurance industry performance in the Synopsis of the Insurance Market reported that the market performance leaped above the Nigeria’s growth in real gross domestic product (GDP) of 2.3% to foster a higher rate of about fifteen (14.9%), which the Statistics Department Quarterly dubbed “an impressive performance once again.”
The report noted that the non-life segment sustained its market dominance at 58.4% of the total premium generated. Business class performance indicated that oil and gas lead with 30.8%, fire insurance followed at 21.3%, motor insurance stood at 14.6% while marine and aviation, general accident and miscellaneous reported a share of 11.8%, 11.2%, 110.3% respectively.
Life business on the other hand recorded 41.6% of the market production as its share contribution gradually closes up. The share of annuity in the life insurance business lagged at about twenty six percent (25.5%) while individual life was at 41.2% of the premium generated during the period.
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