The National Insurance Commission (NAICOM) says the life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.4 per cent of the N536.5 billion gross claims reported at the close of the fourth quarter.

NAICOM said the market also recorded retention of about 87.7 per cent for the life business and 54 per cent for non-life, while the aggregate market average retention stood at 66.7 per cent.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 in the fourth quarter.

According to NAICOM, the insurance market recorded milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances, contributing 27.3 per cent and 24.1 per cent, respectively.

”In a direct reflection of the ‘no-premium, no-cover’ policy of the commission, the outstanding premium continues to decline. The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67 trillion and capitalisation of N851 billion in 2023,” NAICOM said. 

(NAN)