The market size of life business in Nigeria is inching up to long traditional first position of non-life business with the assets of increasing life business securing N1.1tr in at the end of the second quarter and non-life stepping ahead at N1.2tr.
The released Bulletin of the Insurance Market Performance from National Insurance Commission Statistics Department, report that the sector recorded an increased rate of growth at about twelve percent (11.9%) quarter on quarter with a total asset of about N2.3tr.
The Bulletin report that proportional participation of each class of business suggest “the continued improvement of life insurance business as driven by its component of the individual life.”
In its synopsis of the Insurance Market covering the second quarter, the report stated, “Statistics of the insurance market performance for second quarter 2022 revealed some quality improvement in the market indicators including growth, claims settlement and profitability.
“It is obvious that the market could be adjudged as sound and stable whilst, the stance of the market deepening remains optimistic.”
