The insurance sector recorded an increased growth rate of 11.9 per cent with a total asset of about N2.3 trillion in the second quarter of 2022.
This is according to the National Insurance Commission (NAICOM).
A performance document released by NAICOM in Abuja on Tuesday, said 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.
The Commission said the market recorded about N369.2 billion during the period, indicating a 20.1 per cent growth rate compared to the same period in the previous year.
NAICOM said the figure was an impressive 65.0 per cent quarter-on-quarter.
The Commission said with the figures, it was obvious that the market could be adjudged as sound and stable while the stance of the market deepening remained optimistic.
“The continued steady growth from the first quarter of the year correlates with the current performance of the period under review.
“The Gross Premium Income in the second quarter of 2022 stood at N369.28 billion.
“The market data reveals that the industry grew 20.1 per cent higher than the national real Gross Domestic Product (GDP) of 3.5 per cent during the same period.
“This indicates the industry’s impressive performance given the recent trajectory.
“This performance analysis of the Insurance Industry is an insight into the market behaviour in the second quarter of 2022,” NAICOM said.
The Commission said the statistics of the insurance market performance for second quarter 2022 revealed some quality improvements in the market indicators including growth, claims settlement and profitability.
Recall that the industry’s total assets as at the end of 2021 financial year stood at N2.139trillion.