Insurance industry assets rise to N3.9 billion in Q3

•Pays 48% of generated claims

Industry statistics revealed that Nigerian insurance firms recorded N3.88 billion in total assets as of the third quarter of last year, an increase of 5.1 per cent compared to the corresponding period of 2023 when it reported N2.81 billion.

This was revealed by the National Insurance Commission (NAICOM) who disclosed that claims reached N564 billion, representing about 48.1 per cent of the total premiums generated during the period.

It said that the statistics of the financial position of the market recorded a total of N2.34 billion in assets as attributable to non-life businesses while the life business accounted for N1.54 billion.

NAICOM said that the industry showed resilience amid macroeconomic challenges, sustaining its growth trajectory at 60.9 per cent year-on-year.

It said that the industry also sustained 44.3 per cent on a quarter-on-quarter basis, to close at about N1.173 billion in gross premium written (GWP).

The commission said that the claims at about 48.1 per cent of the total premiums generated during the period underscored the need for accelerated premium growth and appropriate rate setting.

It noted that the life insurance segment recorded a claim settlement ratio of 81.6 per cent.

According to NAICOM, the GPW stood at N1.173 billion, attributable to the consistent policies of the commission and market resilience.
The commission said that the non-life segment maintained its dominance, accounting for 68.9 per cent of the GWP.