By Amaka Obiefuna

The Insurance market total assets has hit a total of N2.8tr while its Gross Premium Written (GWP) closes at N729.1bn, both for the third quarter (Q3) of 2023.

With this Q3 GPW, there seems to be hope for the industry to hit One Trillion Naira GPW, before the end of the year 2023, as anticipated by the regulator, National Insurance Commission.

NAICOM in its third quarter 2023 Insurance market abridged report, titled “Nigeria Insurance Market At A Glance – Q3, 2023” made available to newsmen, stated that its Gross claims and Net claims respectively stood at N365.5bn and N259.0bn.

Significantly, the major drivers of the growth during the period under review, according to NAICOM were oil & gas, fire and motor insurances for non-life segment with 28.9%; 23.6%; and 18.1% contributions respectively.

Life insurance also were part of the major drivers of growth. Individual life insurance contributed 36.4% while Group life raise the industry’s performance with 34.5%.

Moreover, the industry’s claims ratios during the same period under review showed that ratio of total claims to total premium was 50.1%; ratio of claims paid reported to industry was 70.9%, ratio of claims paid to non-life was 55.0% and ratio of claims paid to life was 94.9%.

NAICOM stated that the change in market capitalization was 1.5% Quarter on Quarter (QoQ), and 19.9% year on year (YoY), translating to total paid up of N422.3bn, total industry capital N848.9bn and total statutory deposit N26.7bn.

The Changes in market size, according to NAICOM report, were 4.1% Quarter on Quarter (QoQ), and 23.5% Year on Year (YoY), broken down thus – industry total size N2,809.3bn, total assets – non-life N1,743.8bn and total assets – life N1,065.5bn.