Insurance records N729bn premium in nine months - NAICOM

Nigerian insurance companies earned N729.1bn premium from life and non-life businesses in the first three quarters of 2023 financial period.

The National Insurance Commission disclosed this in a report titled, ‘Nigeria insurance market at a glance- Q3, 2023’.

According to the report, the companies paid N365.5bn gross claims, while net claims amounted to N259bn in the period under review.

Under the non-life business, oil and gas accounted for 28.9 per cent, fire 23.6 per cent, while motor was 18.1 per cent.

The figures showed that under life business, individual life accounted for 36.4 per cent, while 34.5 per cent was group life.

NAICOM stated that the industry’s total size stood at N2.81bn, while non-life and life were N1.7tn and 1.1tn respectively.

The Commissioner for Insurance, Mr Sunday Thomas, said at the insurance director’s conference in Lagos recently that the industry launched a strategic roadmap to revolutionise the insurance sector with a well coordinated implementation approach.

He said, “Insurance penetration is expected to move from the current rate of 0.4 per cent to 2.1 per cent by the year 2033 and which will substantially improve the rating of the Nigerian insurance market in the global insurance map.

“With respect to the performance and potential of the insurance sector, the sector has over the years experienced an average steady year on year growth of 15.1 per cent in premium income, however this is far below the opportunities provided by the Nigeria economy.”