NAICOM says Insurance industry pay N318.2bn Claims…up by 31.2% in Q4, 2022

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Sunday Thomas Commissioner For Insurance (CFI)

The National Insurance Commission (NAICOM) has reported 31.2% growth in Insurance Claims Component, according to the bulletin of the insurance market statistics performance released by the apex regulator in the industry for the fourth quarter of 2022.

 

 

The Commission disclosed that there was remarkable growth in the Insurance Claims Component which stood at N318.2 billion representing a thirty-one (31.2%) per cent in Quarter On Quarter (QoQ) during the fourth quarter review. According to the commission, industry recorded possible attainment as a result of growing awareness and Market expansion as well as consumer’s confidence. In a similar pattern, it also reported that the net claims paid were reported at N244.3billion, growing at about eighteen per cent (17.9%) Quarter On Quarter (QoQ) during the same period.

 

The apex regulator noted that insights into the Non-life segment shows that Motor Insurance led with regards to claims settlement vis a vis gross claims reported at about ninety-two (92.3%) per cent signifying a nine points improvement as against its prior records.

 

 

 

“Fire Insurance was the least at about forty-six per cent (46.3%), the only class below average proportion while all other portfolios like General Accident Insurance (80.7%), Oil & Gas (51.6%), Marine & Aviation (74.4%), miscellaneous Insurances (86.1%) recorded a proportion above the average, of paid claims against gross claims reported.

 

 

The report continues, Life Insurance business on the other hand reported two points less in comparison to the position held in the prior period of ninety-five (94.6%) per cent of net claims paid compared to total claims reported during the same period of 2021. Therefore, provides the relative industry Gross and Net claims reported and paid in the non-life segment of the market.

READ THIS ALSO : Insurance industry record a N2.33tn in Total Assets in Q4, 2022, NAICOM says

“The data reveals an impressive development with regards to claims settlement in the non-life business with a record of about sixty-four (63.7%) per cent compared to the previous period (46.9%). It therefore, indicates that despite operational challenges, the claims settlement experience of Insurers is improving, it added.

 

Commission in the statistics of the insurance market performance for the fourth quarter 2022 revealed of consistent growth in terms of premium generation, quality improvements in essential indicators including claims settlement and profitability. It is obvious that the market could be ruled as sound and stable whilst, the stance of the market deepening remains optimistic in spite of operational and macro-economic challenges, it concluded.


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