Insurance industry generates N726.2bn premium in 4th quarter 2022 – NAICOM

The Nigerian insurance industry generated N726.2billion as gross premium income at the end of fourth quarter 2022.

A bulletin of the industry’s regulator, National Insurance Commission (NAICOM), titled “Insurance Industry Performance for Fourth Quarter 2022″, made available on Thursday in Lagos stated this.

NAICOM said that the result represented a growth proportion of 36.3 per cent, Quarter-on-Quarter and 18 per cent Year-on-Year.

The commission stated that the situation was remarkable, compared to the real growth of 3.5 per cent recorded for Gross Domestic Product (GDP) over the same period.

The regulator attributed the growth to consistent regulatory measures being carried out by the commission.

NAICOM said that non-life insurance business during the period contributed about 57.4 per cent, relative to the share of the life insurance business of 42.6 per cent, which was about the same position in prior period.

The commission noted that non-life segment of the market showed that Oil & Gas business sustained its market share dominance at 30.25 per cent, increasing by 2.4 per cent, compared to the previous quarter.

It stated that fire insurance came a distant second with 22.2 per cent, maintaining same pattern of contribution to the gross premium pool of the market.

NAICOM reported that Motor insurance recorded 14.9 per cent, Marine & Aviation had 12.2 per cent, General Accident made 11.1 per cent and Miscellaneous had 9.5 per cent respectively.

”While the life business was driven by Individual Life Portfolio of 38.6 per cent, its relative contribution fell by 2.6 per cent, compared to third quarter, which recorded 41.6 per cent.

“In a contrasting path to the previous quarter, group life followed by 34.5 per cent while annuity business contributed gross premium income of 26.9 per cent during the period under review.