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Insurance Industry Premium Income Rises To N726.2bn

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Insurance Industry Premium Income Rises To N726.2bn Business

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%, keeping about same position in prior period, the proportional significance of Life in the industry sustained a positive course in recent times reflective of the consumer’s confidence and awareness.

On the other hand, Life business was driven by Individual Life portfolio even as its relative contribution fell by about compared to third quarter . In a contrasting path to the previous quarter, group life followed by 34.5 per cent while Annuity business contributed gross premium income of about 26.9 per cent during the period.

Insights into the Non-life segment shows that Motor Insurance led with regards to claims settlement vis a vis gross claims reported at 92.3 per cent signifying a nine points improvement as against its prior position. Fire Insurance was the least with 46.3 per cent, the only class below average proportion.

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