Nigeria insurance market has stayed put in the lane of relevant retentions despite the challenging global and domestic economic challenges.
These challenges were not enough to deflate confidence in the market and the Bulletin of The Insurance Market , a statistics department quarterly for third quarter 2022, stated that the life business retention for the period was 94% while non-life recorded a ratio of 55% as the industry average registered 71%.
The quarterly report noted that “the life insurance business recorded commendably, a near perfect point of about 93.8% during the period under review.”
In the individual non-life business retention ratio score, oil & gas recorded 36.9% a further decline when compared to the same period in 2021 in which it recorded about 41.9% in retention share.
The retention ratios of other classes of non-life, motor, fire, general accident, marine & aviation and miscellaneous are 94.8%, 50.6%, 68.7%, 52.5% and 53.1% respectively, and together with oil & gas score of 36.9% brings the average retention ratio to 55%.
