The National Insurance Commission (NAICOM) said policyholders on life insurance coverage spent a total of N265.39 billion as a gross premium written (GPW) between January and September 2023 last year.
The Commission revealed an industry report covering the nine months. It showed that the individual life insurance class was the major driver of the insurance industry, contributing N265.39 billion or 36.4 per cent of the recorded N729.1 billion GPW.
NAICOM explained that group life was second with 34.5 per cent while oil and gas had 28.9 per cent. Fire contributed 23.6 per cent while motor insurance recorded 18.1 per cent.
The Commission stressed that the industry also had gross claims of N365.5 billion and net claims of N259 billion.
The regulator submitted that the industry’s total size was N2.8 trillion, which revealed that total assets for non-life were N1.74 trillion and total assets for life were N1.07 trillion.
It said the industry’s total paid-up capital was N422.3 billion; total capital was N848.9 billion while total statutory deposit was N26.7 billion.
In the document, the Commission stated that the ratio of total claims to the total premium was 50.1 per cent.
