The Nigerian insurance sector grew to N2.8 trillion as companies recorded N729.1 billion in premiums from life and non-life businesses in the first three quarters of 2023.
The National Insurance Commission disclosed this in its recent report, ‘Nigeria insurance market at a glance- Q3, 2023’.
According to the report, the companies paid N365.5 billion in gross claims, while net claims amounted to N259 billion in the period under review.
Under the non-life business, oil and gas accounted for 28.9 per cent, fire 23.6 per cent, and motor was 18.1 per cent.
The figures showed that under life business, individual life accounted for 36.4 per cent, while 34.5 per cent was group life.
NAICOM stated that the industry’s total size was N2.81 trillion, while non-life and life were N1.7 trillion and 1.1 trillion, respectively.
The Commissioner for Insurance, Mr Sunday Thomas said at the insurance director’s conference in Lagos recently that the industry had launched a strategic roadmap to revolutionise the insurance sector with a well-coordinated implementation approach.
“Insurance penetration is expected to move from the current rate of 0.4 per cent to 2.1 per cent by the year 2033 and, which will substantially improve the rating of the Nigerian insurance market in the global insurance map.
“Concerning the performance and potential of the insurance sector, the sector has experienced an average steady year-on-year growth of 15.1 per cent in premium income; however, this is far below the opportunities provided by the Nigerian economy,” he said.
