The National Insurance Commission NAICOM says it gross premium income performance for at the fourth quarter of 2022 stands at seven hundred and twenty six point two billion naira. This represents a growth proportion of about thirty-Six per cent quarter on quarter and about eighteen per cent year on year.
According to Naicom’s quarterly report for the insurance market for quarter four of 2022, this is a remarkable situation compared to the real growth three point five percent of Gross Domestic Product (GDP) over the same period and attributable to consistent regulatory measures being carried out by the Commission.
The report added that Non-Life business as in the prior periods, continued its dominance, contributing about fifty-eight percent relative to the share of the Life business of forty two point six percent.
And figure by Fire Insurance came a distant second with twenty two point two percent maintaining same pattern of contribution to the gross premium pool of the market while Motor Insurance is fourteen point nine percent.