A stakeholder, the Managing Director/Chief Executive Officer, Heir Insurance Limited, Niyi Onifade, has applauded the effort of various stakeholders in educating the public and creating a sustained awareness of life insurance across the country.
Onifade, who made the assertion at a media parley in Lagos noted that the sustained education and awareness by the media has been responsible for a recent surge in uptake of individual life insurance policies.
The Heirs Life Assurance boss noted that the emergence of his company in the industry among other factors has also contributed to the surge adding that the roles played by his company in ensuring that insurance becomes a lifestyle from inception has been a key factor for the growth.
According to him, the economic situation and effects of COVID 19 also made people seek succor in life insurance.
According to the National Insurance Commission (NAICOM) in a document entitled: ‘Nigerian Insurance Market at a Glance – Q3, 2023’, individual life insurance class was the major driver of the insurance industry, contributing N265.39 billion, which is 36.4 per cent of the recorded N729.1 billion gross premium written.
NAICOM noted that group life was second with 34.5 per cent; oil and gas, 28.9 per cent, fire, 23.6 per cent and motor 18.1 per cent.
NAICOM stated that the industry also had gross claims of N365.5 billion and net claims of N259.0 billion.
The insurance sector regulator submitted that the industry total size was N2.8 trillion, which breakdown revealed that total assets for non-life was N1.74 trillion and total assets for life N1.07 trillion.
It said the industry’s total paid up capital was N422.3 billion; total capital, N848.9 billion and total statutory deposit N26.7 billion.
NAICOM posited that the ratio of total claims to total premium was 50.1 per cent; ratio of claims paid to reported, 70.9 per cent; ratio of claims paid to reported, non-life, 55.0 per cent and ratio of claims paid to reported, life, 94.9 per cent.
