Q2 2024: Insurance  Sector Recorded N813.1 Billion Premium, Achieved 47.4% Growth

Ebere Nwoji

The insurance sector, in the second quarter of this year, maintained a positive market performance  increasing its gross premium written by 47.4 per cent to stand at N813.1 billion and an impressive 72.7 per cent, quarter on quarter growth.

The sector in 2023 successfully hit the N1trillion premium income target it set for itself for over a decade as the sector’s total premium last year stood at N1.003trillion up from N790billion in 2022 showing 27 percent growth.
Sector analysts said this was an indication that the sector has in the past three years maintained a steady growth trajectory in its underwriting activities.

The sector, during the period under review as contained in ‘Insurance Industry Bulletin’  recently released by the National Insurance Commission (NAICOM), paid total claims of N297.9 billion.
“This performance analysis of the Nigerian Insurance Industry is an insight into the market behaviour in the second quarter of 2024. The market recorded about N813.1b billion in gross premium written during the period, indicating a 47.4 per cent growth rate compared to the same period of the prior year and an impressive 72.7 per cent, quarter on quarter.

“The continued steady growth from the first quarter of the year correlates with the current performance of the period under review,” the report stated.
NAICOM ascribed the industry’s performance to consistent regulatory focus on public awareness and the enforcement of timely claims settlements.

“Consistent regulatory focus on public awareness and the enforcement of timely claims settlements has had a significant impact on the insurance industry, signifying persistent increase in gross claims reported which stood at N297.9 billion in second quarter of 2024,” it added.