The total assets of the nation’s insurance industry rose to N2.3 trillion in the second quarter of 2022, thereby, growing by 11.9 per cent, translating to over N200 billion from second quarter of 2021.
The industry’s financial position revealed a total of N1.2 trillion in assets of Non-Life business while the Life business stood at about N1.1trillion, translating to N2.3 trillion cumulatively. In the Bulletin of the Insurance Market, Second Quarter 2022 report released by the National Insurance Commission on Friday, and made available to LEADERSHIP, the regulatory body said the insurance market performance for second quarter 2022 revealed some quality improvements in the market indicators including growth, claims settlement and profitability.
This performance analysis of the sector, NAICOM said, was an insight into the market behaviour in the second quarter of 2022, disclosing that the market recorded about N369.2 billion gross premium during the period, indicating a 20.1 per cent growth rate compared to the same period of the previous year and an impressive 65 per cent quarter on quarter.
Only. 90% of this is from government, I guess. So much potentials in the market but the insurance companies are too lazy to exploit the market.