Insurance industry generates ₦726.2bn premium in 4th quarter 2022 – NAICOM
NAICOM said that the result represented a growth proportion of 36.3%, Quarter-on-Quarter and 18% Year-on-Year.
NAICOM extends full recapitalisation of insurance companies to 2021. [sunnewsonline]
Recommended articles
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%, Quarter-on-Quarter and 18% Year-on-Year.
The commission stated that the situation was remarkable, compared to the real growth of 3.5% recorded for Gross Domestic Product (GDP) over the same period.
ADVERTISEMENT
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%, relative to the share of the life insurance business of 42.6%, 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%, increasing by 2.4%, compared to the previous quarter.
It stated that fire insurance came a distant second with 22.2%, maintaining same pattern of contribution to the gross premium pool of the market.
NAICOM reported that Motor insurance recorded 14.9%, Marine & Aviation had 12.2%, General Accident made 11.1% and Miscellaneous had 9.5% respectively.
ADVERTISEMENT
” While the life business was driven by Individual Life Portfolio of 38.6%, its relative contribution fell by 2.6%, compared to third quarter, which recorded 41.6%.
“In a contrasting path to the previous quarter, group life followed by 34.5% while annuity business contributed gross premium income of 26.9 per cent during the period under review.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Bwala makes case for Yahaya Bello, faults EFCC chair’s press briefing
How we reduced road traffic crashes by 42% – FRSC boss
Motorists express worry as long fuel queues resurface in FCT
Reno's $10,000 Challenge: I didn't build any school in Anambra, Obi opens up
Bullied student threatens Abuja school with lawsuit if abusers are not punished
EFCC withdraws appeal against Yahaya Bello
Gov Zulum wants Army to establish military base in Sambisa forest
2 Wike loyalists exit Fubara's cabinet as Governor reshuffles
Ganduje believes APC is the answer to Nigeria’s problems
ADVERTISEMENT
