Nigerian Insurance Industry Surpasses Expectations, Collects N729.1 Billion in Premiums for Q1-Q3 2023

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The National Insurance Commission (NAICOM) reports a significant boost in the Nigerian insurance sector, revealing that companies amassed N729.1 billion in premiums during the first, second, and third quarters of 2023. This marks a noteworthy surge of N196 billion compared to the N532.7 billion collected in the same period of 2022. Despite this impressive growth, NAICOM’s analysis, titled “Nigerian Insurance Market at a Glance – Q3, 2023,” discloses that the accumulated premiums fall short of the N1 trillion target set for the year by approximately N279 billion.





In its detailed breakdown, NAICOM outlines that insurance firms reported gross claims amounting to N365.5 billion for the initial three quarters of the year, with net claims totaling N259 billion. Notably, this represents a robust 24.9% increase from the N207 billion paid during the corresponding period in 2022.





The analysis underscores pivotal drivers in the industry, citing individual life insurance as the primary contributor, accounting for 36.4% of the overall growth. Additionally, group life insurance played a substantial role, contributing 34.5% to the industry’s positive trajectory. In sector-specific contributions, oil and gas made up 28.9%, fire contributed 23.6%, and motor insurance added 18.1% to the industry’s growth.





NAICOM’s comprehensive overview further reveals that the total size of the industry has reached the N2.8 trillion mark. Non-life insurance holds a significant share with total assets amounting to N1.74 trillion, while life insurance contributes N1.07 trillion to the industry’s overall assets. The report discloses that paid-up capital in the sector stands at N422.3 billion, the total industry capital is N848.9 billion, and the statutory deposit amounts to N26.7 billion. This data underscores the resilience and substantial progress of the Nigerian insurance market in the first three quarters of 2023.

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