Sunday, September 28, 2025
24.2 C
Lagos

Insurance Sector: N2.3tr Total Assets, N726bn Premium, N318bn Claims in Q4 2022

 

The insurance market data released by the National Insurance Commission (NAICOM) indicates that the total assets of the sector as at fourth quarter of 2022 stood at N2.3 trillion while the gross premium income was N726. 2 billion. The total claims in the period under review stood at N318.2 billion.

According to the report, the total assets figure sustains a positive growth that signifies expansion at the rate of 2.4 percent (QoQ) and 4.4 percent (YoY).

“However, the outlook of the market growth in terms of assets remains positive with the increasing measures of market deepening and development, recapitalization drive still ongoing, regulatory insurance laws and provisions enshrined in the insurance bill being reviewed and digitization of the supervisory wide processes would lead to the realization of the vast potential of the insurance industry.”

The report also states that the gross premium income generated represents a growth proportion of about 36.3 percent (QoQ) and 17.8 percent (YoY).

Reviewing the market performance, NAICOM stated:

“Statistics of the insurance market performance for the fourth quarter 2022 revealed consistent growth in terms of premium generation, quality improvements in essential indicators, including claims settlements and profitability. It is obvious that the market could be ruled as sound and stable whilst the stance of the market deepening remains optimistic inspite of operational and macro-economic challenges.”

spot_img
spot_img

Hot this week

AIICO Deepens Bond with Retirees, Holds Annuity Forum in Lagos, PH

Mr. Gbenga Ilori, Head, Retail Business at AIICO, in...

Sovereign Trust Insurance Holds 30th AGM

L-R: Eric Balogun, Independent Director, Emi Faloughi, Director, Kayode Adigun,...

Unity Bank Shareholders Approve Merger with Providus Bank

  EGM: From left: Mr. Usman Abdulkadir, Executive Director, Risk...

NNPCL: Ogoni Re-entry is a Beacon of Reconciliation through Collaboration

The re-entry into Ogoniland marks a historic turning point...

NLNG, NCDMB Celebrate 122 Graduates of Train 7 HCD Training Program

NLNG in collaboration with the Nigerian Content Development and...

Topics

Sterling HoldCo Moves Ahead in recapitalisation, Cements Regulatory Approval

Sterling Financial Holdings Company PLC has achieved another milestone...

Google Equiano Cable to Boost Nigeria’s GDP by $10bn

Left to right: H.E. Otunba Adeniyi Adebayo - Minister of...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

Will Insurance Cushion Coronavirus Losses? 

A report by Bloomberg says the world should not...

NCC EVC, Aminu Maida, Urges Nokia to Invest in Nigeria’s ICT R&D

L-R: Finnish Deputy Minister for International Trade, Jarno Syrjala; Executive Vice...

Lagos, Kwara, NNPC, Customs, Others for GOCOP 7th Annual Conference in Abuja

The Lagos and Kwara State governments as well as...

BudgIT Uncovers N7tn Projects Inserted by NA in 2025 FG Budget

BudgIT, a civic tech organisation promoting transparency and accountability...
spot_img

Related Articles

Popular Categories

spot_imgspot_img