The Nation Newspaper NAICOM: insurers surpass N1 trillion gross premiums in Q4 2023
has announced a total of N1.003 trillion in premiums for the final quarter of 2023, representing about 27 percent growth compared to N790 billion recorded in 2022.
The market also recorded a retention of about 87.7 percent for the Life business and approximately 54% for Non-Life, according to the regulator, with the overall market average retention for the period under review being 66.7 percent. The commission stated that in terms of claims settlement for the period, the Life business recorded approximately 95 percent of net claims to the total recorded claims during the year, while the market average stood at approximately 71.4 percent of the N536.5 billion gross claims reported at the end of the fourth quarter of 2023; representing a direct reflection to the ongoing regulatory measures regarding claims settlement.