Insurance Claims gulp N318.2bn in Q4 2022- NAICOM
(Business Africa Digest)- Not less than N318.2 billion was paid as claims by the Nigeria Insurance industry in the last quarter of 2022, report just released by the National Insurance Commission (NAICOM) has said.
The report of the Statistics Department of NAICOM made available to Business Africa Digest in Abuja
represents 31.2 per cent growth against what was recorded in the corresponding year.
Citing reasons for the growth, the report said it was “as a result of growing awareness and Market expansion as well as consumer’s confidence”.
Also, the report put the net claims paid at N244.3billion, growing at about eighteen per cent (17.9%) QoQ during the same
period.
According to the report, “Insights into the Non-life segment shows that Motor Insurance led with regards to claims
settlement vis a vis gross claims reported at about ninty-two (92.3%) per cent signifying a nine points improvement as against its prior position. Fire Insurance was the least at about forty-six
per cent (46.3%), the only class below average proportion.
“All other portfolios of General
Accident Insurance (80.7%), Oil & Gas (51.6%), Marine & Aviation (74.4%), miscellaneous Insurances (86.1%) recorded a proportion above the average, of paid claims against gross claims
reported. Life Insurance business on the other hand reported two points less in comparison to the position held in the prior period of ninety-five (94.6%) per cent of net claims paid compared to total claims reported during the same period of 2021”.
