Figures from Insurance Industry Bulletin for second quarter released by the National Insurance Commission (NAICOM) have shown that insurance companies recorded N813.1 billion gross premium income and N297.9 billion claim in the second quarter of 2024.
According to the report, “The market recorded about N813.1 billion in gross premium written during the period, indicating a 47.4 per cent growth rate compared to the same period of the prior year and an impressive 72.7 per cent, quarter on quarter.
“The continued steady growth from the first quarter of the year correlates with the current performance of the period under review.”
The industry regulator noted that, “Consistent regulatory focus on public awareness and the enforcement of timely claims settlements has had a significant impact on the insurance industry, signifying persistent increase in gross claims reported, stood at N297.9bn in second quarter of 2024.
“This represents 36.6% per cent of all premiums generated during the period and, a fifteen percent increase on annual basis. The net claims paid on the other hand stood at N259.4bn, signifying an 87.1% of all gross claims reported in the industry during the period.”
NAICOM pointed out that the Life Insurance business of the industry recorded a near perfect point of 92.5% claims settlement against reported claims, while net claims paid of the non-life segment stood at about eighty-three (83.0%) per cent of gross claims report