The Nigerian insurance industry generated N726.2 billion as gross premium income at the end of the fourth quarter of 2022.
On Thursday, a bulletin of the industry’s regulator, the National Insurance Commission (NAICOM), titled ‘Insurance Industry Performance for Fourth Quarter 2022’, revealed this.
NAICOM said the result represented a growth proportion of 36.3 per cent, quarter-on-quarter and 18 per cent year-on-year.
The commission stated that the situation was remarkable compared to the real growth of 3.5 per cent recorded for the gross domestic product (GDP) over the same period.
The regulator attributed the growth to the commission’s consistent regulatory measures.
NAICOM said the non-life insurance business during the period contributed about 57.4 per cent, relative to the share of the life insurance business of 42.6 per cent, which was about the same position in the prior period.
The commission noted that the non-life segment of the market showed that the oil and gas business sustained its market share dominance at 30.25 per cent, increasing by 2.4 per cent compared to the previous quarter.
It stated that fire insurance came a distant second with 22.2 per cent, maintaining the same pattern of contribution to the gross premium pool of the market.
NAICOM reported that Motor insurance recorded 14.9.per cent, marine and aviation had 12.2 per cent, general accidents made 11.1 per cent, and miscellaneous had 9.5 per cent, respectively.
“While the life business was driven by individual life portfolio of 38.6 per cent, its relative contribution fell by 2.6 per cent, compared to the third quarter, which recorded 41.6 per cent,” stated the bulletin.
It added, “In a contrasting path to the previous quarter, group life followed by 34.5 per cent while annuity business contributed gross premium income of 26.9 per cent during the period under review.”