In Q4 2022, non-life insurance businesses generated N416.8 billion of the N726.2 billion total premium income, representing 57.4 per cent, while life businesses accounted for N309.3 billion, representing 42.6 per cent of the total income.
The N726.2billion premium generated during the period represents a growth proportion of about 36.3 per cent, quarter-on-quarter.
The National Insurance Commission (NAICOM), in its latest Q4 2022 Market Bulletin report, attributed the growth to consistent regulatory measures implemented by the Commission.
According to the commission, while non-life business, as in the prior periods, continued its dominance, contributing 57.4 per cent premium relative to the share of the life business of 42.6 per cent, the proportional significance of life in the industry sustained a positive course in recent times, reflective of the consumer’s confidence and awareness.
An in-depth analysis of the non-life segment of the market shows that the oil and gas business maintained its market share dominance at 30.25 per cent, increasing by two points (2.4 per cent) compared to the previous quarter.
The figure posted by fire insurance came a distant second (22.2 per cent), maintaining the same pattern of contribution to the gross premium pool of the market while motor insurance (14.9 per cent), marine and aviation (12.2 per cent), even as general accident (11.1 per cent) and miscellaneous (9.5 per cent) followed in that order.
On the other hand, life business was driven by individual life portfolio (38.6 per cent) even as its relative contribution fell by about 2.6 per cent compared to the third quarter (41.6 per cent).
In contrast to the previous quarter, group life followed with 34.5 percent, while the annuity business contributed gross premium income of about 26.9 percent.
In a similar pattern, the net claims paid were reported at N244.3billion, growing at 17.9 per cent QoQ during the same period.
A close look at the non-life segment showed that motor insurance led in claims settlement vis-à-vis gross claims, reported at 92.3 per cent, a nine-point improvement from its prior position.
Fire insurance was the least with 46.3 per cent, the only class below-average proportion.
