The Nigerian insurance industry generated N726.2 billion as gross premium income at the end of the fourth quarter of 2022.
A bulletin of the industry’s regulator, the 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 growing proportion of 36.3 percent, Quarter-on-Quarter, and 18 percent Year-on-Year.
The commission stated that the situation was remarkable, compared to the real growth of 3.5 percent 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 the non-life insurance business during the period contributed about 57.4 percent, relative to the share of the life insurance business of 42.6 percent, which was about the same position as the prior period.
The commission noted that the non-life segment of the market showed that Oil & Gas business sustained its market share dominance at 30.25 percent, increasing by 2.4 percent, compared to the previous quarter.
It stated that fire insurance came a distant second with 22.2 percent, maintaining the same pattern of contribution to the gross premium pool of the market.
NAICOM reported that Motor insurance recorded 14.9. percent, Marine & Aviation had 12.2 percent, General Accident made 11.1 percent and Miscellaneous had 9.5 percent respectively.
” While the life business was driven by Individual Life Portfolio of 38.6 percent, its relative contribution fell by 2.6 percent, compared to the third quarter, which recorded 41.6 percent.
“In a contrasting path to the previous quarter, group life followed by 34.5 percent while annuity business contributed gross premium income of 26.9 percent during the period under review.