Insurance industry records N813.1bn premium, N297.9bn claims in Q2 2024- NAICOM

…total asset hits N3.687.9tn

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Nigerian insurance companies recorded N814.1bn gross premium written and N297.9bn claim in the second quarter of 2024.

Figures obtained y Dailyeconomy on Insurance Industry Bulletin for second quarter, by the National Insurance Commission shows.

According to the report by the insurance industry regulator, “The market recorded about N813.1bn in gross premium Written during the period, indicating a 47.4 per cent growth rate compared to the same period of the prior year and an impressive 72.7 per cent, quarter on quarter.

“The continued steady growth from the first quarter of the year correlates with the current performance of the period under review.”

NAICOM noted that, “Consistent regulatory focus on public awareness and the enforcement of timely claims settlements has had a significant impact on the insurance industry, signifying persistent increase in gross claims reported, stood at N297.9bn in second quarter of 2024.

“This represents 36.6% per cent of all premiums generated during the period and, a fifteen percent increase on annual basis. The net claims paid on the other hand stood at N259.4bn, signifying an 87.1% of all gross claims reported in the industry during the period.”

On one hand, it added, the Life Insurance business of the industry recorded a near perfect point of 92.5% claims settlement against reported claims

while net claims paid of the non-life segment stood at about eighty-three (83.0%) per cent of gross claims report

It added that, “The industry reported a total asset of N3,687.9bn, signifying a 9.5% increase from the N3,336.4 billion reported in Q1 2024. The balance sheet indicates that the Non-Life business holds assets amounting to N2,292.4bn, while the Life business accounted for N1,395.5bn of the industry total assets.

“These figures highlight a significant increase in both segments, reflecting the overall robustness and upward trajectory of the industry.”