The gross claims paid by the insurance companies in the country to clients rose by 0.2 per cent in the first half of 2022.
According to the report, the percentage of incurred claims as against reported mirrored the market retention view during the period.
Motor insurance retained its lead, posting a claims settlement ratio of 92 per cent. Progress was, however, more noticeable in the oil & gas sector with an above 85.7 per cent of claims settlement ratio, an increase of some 42 points compared to its position of 42.8 per cent recorded in the corresponding period of 2021.
Miscellaneous insurance also posted about 61.9 per cent, higher than 44 per cent paid claims ratio, compared to its corresponding period of 2021; while general accident , fire and, aviation & marine followed in that order. It also disclosed that gross premium income in the second quarter of 2022 stood at N369.2.8bn, a notable performance as mapped in Table ,1 portraying the premium contribution by each class of the business.
The sector recorded an increased rate of growth at about 11.9 per cent quarter on quarter with a total asset of about N2.3 trillion. The industry’s financial position revealed a total of N1.2tn in assets of non-life business while the life business stood at about N1.1tn.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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