The Nigerian insurance industry’s total assets rose to N2.8 trillion at the end of Q3, National Insurance Commission (NAICOM) has said.

NAICOM disclosed this in a document titled: “Nigerian Insurance Market at a Glance – Q3, 2023.

A breakdown of the statement shows that total assets for non-life stood at N1.74 trillion, while total assets for life business stood at N1.07 trillion, bringing the total size of the industry market to N2.8 trillion.

The sector’s regulator also said that the industry operators paid a total of N365.5 billion as claims to policyholders at the end of the third quarter.

Net claims at the same period rose N259 billion, while gross premium written stood at N729.1 billion.

The Commission added that major drivers of growth during the period were individual life (36.4 per cent), group life (34.5 per cent), oil and gas (28.9 per cent), fire (23.6 per cent) and motor (18.1 per cent).