Insurance industry’s assets hit N2.3trn – NAICOM

Total assets of the insurance industry in Nigeria increased to N2.3 trillion in the second quarter of 2022, growing by 11.9% or N200 billion from the second quarter of 2021.

This was disclosed in the second quarter report of the 2022 insurance market, released by the National Insurance Commission (NAICOM) at the weekend.

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However, the non-life business assets stood at N1.2 trillion and the sum of assets of the life segment, N1.1 trillion.

The Head of Corporate Communications and Market Development (NAICOM), Rasaaq Salami, who disclosed that the insurance market performance for the second quarter of 2022 revealed some quality improvements in the market indicators, added that the performance is an insight into the market’s behaviour in the second quarter of 2022.

NAICOM disclosed that the market recorded about N369.2 billion gross premium during the period, indicating a 20.1% growth compared to the same period of the previous year and an impressive 65% quarter-on-quarter.

The report stated further that insurance companies incurred N174.8 billion in gross claims.

“The growth of the gross claims reported was 0.2 per cent higher than the corresponding period of 2021. The industry statistics for gross claims in Q2 of 2022 stood at N174.8 billion, representing 47.3 per cent of all premiums generated during the period,” he said in the statement.