In 2023, the Nigerian insurance industry showed remarkable growth and resilience, according to data from the National Insurance Commission’s Statistics Department.
The Life business sector particularly stood out, retaining an impressive 87.7 percent of premiums, showcasing stability and market strength throughout the year.
On the flip side, the Non-Life segment didn’t fare as well, only retaining 54 percent of premiums, resulting in an average retention of 66.7 percent for the entire market.
Despite this, notable expansion was observed, especially in Oil & Gas and Fire Insurances, which contributed significantly to overall market growth. Regulatory measures, especially regarding claims settlement, played a pivotal role in driving performance across all sectors. The Life business sector notably excelled, reporting a remarkable 95 percent of net claims, reflecting Nigeria’s commitment to financial responsibility.
Implementation of policies like “no-premium no-cover” contributed to a decrease in outstanding premiums, underscoring the country’s dedication to prudent financial management. Financial indicators also showed promising signs, with total assets reaching approximately N2.67 trillion and Capitalisation hitting N851 billion, laying a strong foundation for future growth and sustainability in the industry.