Tuesday, April 23, 2024
Home Business INSURANCE INDUSTRY RECORDED N1.003TRILLION AT CLOSE OF 2023.

INSURANCE INDUSTRY RECORDED N1.003TRILLION AT CLOSE OF 2023.

The Insurance industry of Nigeria has sustained its progressive trend of positive market performance at the close of 2023 fourth quarter, recording a milestone growth to close at N1.003trillion, representing about 27 per cent growth compared to the
N790billion recorded in 2022.
 The Non-Life business accounted for 61.3 per cent of all premiums written during the year while the Life segment contributed 38.7 per cent, valued at N388.1billion.
This is contained in report released by the  Statistics Department.
Directorate of Research, Statistics & Publications.
The market also recorded a retention of about 87.7 per cent for the Life business, just about 54 per cent for Non-Life while the aggregate market average retention stood at 66.7 per cent during the same period.
Major growth drivers in the non-life segment of the market were Oil & Gas and Fire Insurances, contributing 27.3% and 24.1% respectively.
In a direct reflection to the ongoing regulatory measures regarding claims
settlement, the Life business recorded about 95 per cent of net claims to the total recorded claims during the year while the market average stood at about 71.4 per cent of the N536.5billion gross claims reported at the close of fourth quarter, 2023.
 In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continue to decline,  posting a 1.6 per cent as outstanding of all the premiums generated in the market during the period. Statistics also shows that
 the market recorded total assets of about N2.67trillion and capitalization of N851billion in 2023.
RELATED ARTICLES

NCS PARTNERS  NFIU TO ENHANCE BORDER SECURITY.

The Nigeria Customs service says it will collaborate with Nigerian Financial Intelligence Unit  to enhance border security through intensifying onslaught against smugglers and money...

NAICOM PARTNERS DRTS TO ADDRESS THIRD PARTY VEHICLE INSURANCE.

National Insurance Commission (NAICOM) is set partner with the FCTA Directorate of Road Transport Service so as to address the issue of FAKE” Third (3rd)...

NIGERIAN ECONOMY RECORDS OVER $1.5 BILLION INFLOW POST-CBN MPC AS NAIRA TRADES N1,309/$1 AT NAFEM.

 The Central Bank of Nigeria (CBN) says the inflow of over $1.5 billion into the economy over the past few days indicates that its...

Most Popular

INSECURITY: BADARU CALLS FOR SYNERGY WITH LIBYA TO STOP PROLIFERATION OF SMALL ARMS AND LIGHT WEAPONS.

The Honourable Minister of Defence, H.E. Muhammed Badaru Abubakar CON, mni, has called on Libyan Government to join hands with the Nigerian Government to...

NCS PARTNERS  NFIU TO ENHANCE BORDER SECURITY.

The Nigeria Customs service says it will collaborate with Nigerian Financial Intelligence Unit  to enhance border security through intensifying onslaught against smugglers and money...

NNPC LTD, PARTNER UNLOCK 12,000BPD PRODUCTION FROM AWOBA UNIT FIELD.

Keen on optimising production from the nations hydrocarbon assets to boost revenues and meet the nations OPEC production quota, the Nigerian National Petroleum Company...

MEDIA PARTNERSHIP: DICAN WELCOMES KOREAN, TUNISIAN & ZAMBIAN AMBASSADORS TO NIGERIA 

The Diplomatic Correspondents' Association of Nigeria (DICAN) congratulates Ambassador of the Republic of Korea to Nigeria, Vice-Admiral Kim Pan Kyu, Ambassador Antit Mohsen of Tunisia...

Recent Comments