In Q3 2023, Nigeria Insurance Industry Records Total Assets of N2.8trillion
The Nigerian insurance industry has recorded an increase of its total assets to N2.8 trillion at the end of Q3, 2023, recent report from the National Insurance Commission(NAICOM) has said.
The breakdown by the latest report indicates that total assets for non life stood at N1.74 trillion while total assets for life business stood at N1.07 trillion, arriving at a total N2.8 trillion for the industry at the end of Q3, 2023.
NAICOM also noted that the industry operators paid a total of N365.5 billion as claims to policyholders at the end of Q3, 2023.
The report further revealed a Net claims of N259.0 billion while gross premium written stood at N729.1 billion within the period under review.
The document also said major drivers of growth during the period were; individual life, 36.4 per cent; group life, 34.5 per cent; oil and gas, 28.9 per cent, fire, 23.6 per cent while motor stands 18.1 per cent.
