Insurance Sector total assets hit N2.328tn in Q4 2022
The total assets of Nigeria’s insurance industry stood at N2.328 trillion at the end of the fourth quarter(Q4) of 2022, sustaining a positive growth that signifies expansion at the rate of two (2.4%) per cent, (QoQ) and at 4.4 per cent (YoY)
The National Insurance Commission disclosed this in a report in ‘Statistics division quarterly report of the insurance market fourth quarter, 2022’ on Thursday.
The development is relatively at a lower momentum compared to the prior period when the progression rate was recorded at about nine per cent (YoY), attributable to the wave of recapitalization drive recorded in that period.
The report however noted that the outlook of the market growth in terms of Assets remains positive, with the increasing measures of market deepening and development, recapitalization drive still ongoing, regulatory Insurance laws and provisions enshrined in the Insurance bill, being reviewed and, digitization of the supervisory wide processes would lead to the realization of the vast potentials in the insurance industry.
“Statistics of the insurance market performance for the fourth quarter 2022 revealed consistent
growth in terms of premium generation, quality improvements in essential indicators including
claims settlement and profitability”, the report said.
The synopsis revealed that the market could be ruled as sound and stable whilst, the stance of the market deepening remains optimistic in spite of operational and macro-economic challenges.
