The Nigeria’s Insurance Sector has continued its positive growth trajectory to the tune of N213bn at the end of the fourth quarter of 2023, recording a milestone growth to close at N1.003trillion, representing about 27 per cent growth compared to the N790billion recorded in 2022.

A statement by the regulator, NAICOM shows that Non-Life business accounted for 61.3 per cent of all premiums written during the year while the Life segment contributed 38.7 per cent, valued at N388.1billion.

A close look at the data released indicates that there was a retention of about 87.7 per cent for the life business, 54 per cent for Non-Life while the aggregate market average retention stood at 66.7 per
cent during the same period. Major growth drivers in the non-life segment of the market were Oil & Gas and Fire Insurances,
contributing 27.3% and 24.1% respectively.

In a direct reflection to the ongoing regulatory measures regarding claims settlement, the Life business recorded about 95 per cent of net claims to the total recorded claims during the year while the
market average stood at about 71.4 per cent of the N536.5billion gross claims reported at the close of fourth quarter, 2023.

In a direct reflection to the “no-premium no-cover” policy of the PPP, the outstanding premium to decline,
posting a 1.6 per cent as outstanding of all the premiums generated in the market during the period. Statistics also shows that the market recorded total assets of about N2.67trillion and capitalization of N851billion in 2023.

The insurance Sector has continued to experience a steady growth on all front under the leadership of the globally acknowledged insurance guru, the Commissioner For Insurance of NAICOM, Mr. Sunday O. Sunday.