In the first nine months of 2023, gross premiums of N339.848 billion were accounted for by seven underwriting firms that are listed on the stock exchange. This amounts to 47% of the N729.1 billion that the industry as a whole made during the same period.
Their financial filings disclosed this. A total of N116.636 billion was also paid out by the insurance carriers to policyholders who were in danger during that time. Despite an economic downturn, the claim payment represented a notable rise of 20.36 percent over the N96.902 billion paid during the same period in 2022.Â
When compared to the N274.628 billion reported in 2022, the gross premium written (GPW) recorded by the underwriting firms last year demonstrated a significant increase. The industry had a growth in gross premiums written for both life and non-life businesses in 2023, reaching N729.1 billion.
In contrast to the industry’s entire 2022 performance, which amounted to N726 billion, the industry outperformed itself in the first three quarters of 2023.
Custodian and Allied Investment Plc, NEM Insurance Plc, AXA-Mansard Plc, Mutual Benefits Assurance Plc, Cornerstone Insurance Plc, and Consolidated Hallmark Insurance Plc are the seven top operators.Â
Market analysts noticed that underwriting firms’ premium growth rate and overall profitability were affected by the increase in claims they reported in recent years. Additionally, they emphasized that a range of economic obstacles, such as those related to obtaining foreign exchange, had an adverse effect on the performance of businesses.
With a gross premium of N85.138 billion during the same period, AllCO Insurance paid a total of N37.58 billion in claims in 2023—a 14.03 percent increase from its 2022 performance. In 2023, N21.958 billion was paid as claims by Custodian and Allied Investment, indicating a 22.29 percent increase from the payment made in 2022.
