Insurance Industry’s Total Assets Hit N2.8 Trillion

The Nigerian insurance industry’s total assets rose to N2.8 trillion at the end of Q3, the National Insurance Commission (NAICOM) has revealed.

A breakdown of the statement shows that total assets for non-life stood at N1.74 trillion. In contrast, total assets for life businesses stood at N1.07 trillion, bringing the total size of the industry market to N2.8 trillion.

The sector’s regulator also said that the industry operators paid N365.5 billion as claims to policyholders at the end of the third quarter.

Net claims in the same period rose N259 billion, while gross premium written stood at N729.1 billion.

The Commission added that major drivers of growth during the period were individual life (36.4 per cent), group life (34.5 per cent), oil and gas (28.9 per cent), fire (23.6 per cent) and motor (18.1 per cent).