Insurance Sector Records N2.67trn Assets in Q4, 2023

By Linda Ike

The Insurance Industry of Nigeria has recorded a total assets of N2.67 trillion and capitalization of N851 billion in 2023.

This was disclosed in the official data released by the National Insurance Commission (NAICOM).

According to NAICOM, the sector sustained a progressive trend of positive market performance at the close of 2023 fourth quarter, posting a growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

The non-life business accounted for 61.3 percent of all premiums written during the year while the Life segment contributed 38.7 per cent, valued at N388.1billion.

It also recorded a retention of 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 per cent and 24.1 per cent, 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.