The National Insurance Commission (NAICOM) has reported its gross premium to N726.2 billion, which is a 36 per cent quarter on quarter growth on the fourth quarter of 2022.

The growth is according to the bulletin of the insurance market statistics performance released by the insurance regulator for the fourth quarter of 2022.

According to the bulletin, the Statistics also revealed the continuous improvement in retention propensity, increased market size and profitability, when compared to the third quarter of the year under review.

Furthermore, the statistics also revealed that the Non-Life business has continued its dominance by contributing over fifty-seven (57.4%) compared to previous quarter as against the Life business (42.6%).

Meanwhile, statistics from the bulletin reveals that the total assets of the industry stood at N2.328trillion in the fourth quarter, sustaining a positive growth that signifies expansion at the rate of two (2.4%) per cent, (QoQ) and at 4.4 per cent (YoY).

However, NAICOM has posited that the outlook of the market growth in terms of Assets remains positive, with the increasing measures of while the market is deepening and developing, an indication that the insurance industry has great potentials which can be realized by persistent push with regulatory laws and provisions enshrined in the Insurance bill.