Similarly, total claims paid as at Q3, 2022 rose by N68.6 billion from N174billion in Q2, 2022 to N242.6 billion in Q3, 2022.
According to ‘Synopsis of the Insurance Market Third Quarter 2022’ report released by the National Insurance Commission yesterday, insurance claims component is the essence of insurance business as a whole and indeed a major factor in consumer confidence building. Although, the N242.6billion total gross claims in Q3, 2022, declined by 2.3 per cent when compared to the corresponding period of 2021, the net claims paid in Q3, 2022, however, stood at about N207.2 billion, signifying 85.4 per cent of all gross claims reported during the period.
The Life Insurance business recorded 95 per cent claims settlement against all the reported claims while non-life segment stood generously at 72.4 per cent during the same period The report stated that the Nigerian Insurance industry, in the third quarter of 2022, was a virtue of an excellent performance in the financial services sector of the economy.