According to the National Insurance Commission (NAICOM), as of the fourth quarter of 2022, insurance policyholders had filed N318.2 billion in claims under their policies.
The information was taken from a study on market statistics for the fourth quarter of 2022 that NAICOM made available to The Guardian. In the fourth quarter review, the Insurance Claims Component increased by an astounding 31.2% quarter over quarter (QoQ), or N318.2 billion, according to the report.
According to the Commission, increased customer confidence, market growth, and greater awareness all contributed to the industry’s achievement.
The net claims paid were reported at N244.3 billion, increasing by around 18.9% quarter-over-quarter (QoQ) over the same time, according to a comparable blueprint.
The Commission emphasized that analysis of the non-life sector revealed that vehicle insurance led in terms of claims settlement relative to gross claims, which were reported at roughly 92.3%, representing an improvement of nine points from past records.
“Fire insurance was the least at about 46 per cent, the only class below average proportion while all other portfolios like general accident insurance (80.7%), oil & gas (51.6%), marine and aviation (74.4%), and miscellaneous insurances (86.1%) recorded a proportion above the average, of paid claims against gross claims reported.”
The report continued, “Life Insurance business on the other hand, reported two points less in comparison to the position held in the prior period of ninety-five per cent of net claims paid compared to total claims reported during the same period of 2021.”
“The data reveals an impressive development with regards to claims settlement in the non-life business with a record of about sixty-four per cent compared to the previous period (46.9%). It, therefore, indicates that despite operational challenges, the claims settlement experience of Insurers is improving.”
The fourth quarter of 2022’s insurance market performance statistics showed sustained growth in terms of premium generation as well as quality improvements in key metrics including claims resolution and profitability.
