Life insurance accounted for N309.3 billion, or 42.6 percent of the total income, while non-life insurance contributed N416.8 billion, or 57.4 percent, of the N726.2 billion in total premium income in Q4 2022.
The premium generated during the time period grew by around 36.3% quarter over quarter. It was worth N726.2 billion.
The National Insurance Commission (NAICOM), in its most recent Market Bulletin report for the fourth quarter of 2022, credited the rise to the continuous regulatory measures the Commission has put in place.
According to the commission, despite non-life business continuing to dominate, providing 57.4% of premium compared to life business’ share of 42.6 percent, the proportionate importance of life in the industry has been on the rise lately, reflecting customer confidence and awareness.
A thorough review of the non-life market segment reveals that the oil and gas industry is maintaining its market share leadership at 30.25 percent, up two points (2.4 percent) from the previous quarter.
While motor insurance (14.9%), marine and aviation (12.2%), as well as general accident (11.1%) and miscellaneous (9.5%) followed in that order, the figure reported by fire insurance came in a distant second (22.2%), maintaining the same pattern of contribution to the gross premium pool of the market.
Yet, despite a relative decline of around 2.6% from the third quarter, the individual life portfolio still accounted for 38.6% of the life business (41.6 per cent).
Compared to the prior quarter, group life came in second with 34.5%, while the annuity business brought in roughly 26.9% of the gross premium income.
According to this pattern, during the same time, the net claims paid were reported at N244.3 billion, increasing by 17.9% QoQ.
A closer analysis at the non-life segment revealed that auto insurance was in the lead when it came to settling claims relative to gross claims, with a recorded 92.3 percent, an improvement of nine points from its previous position.
The only class below average in percentage was fire insurance, with 46.3%.
