Insurance Sector Gross Premium Hits N551.4b In Q2/23

Data recently published by the National Insurance Commission (NAICOM), has shown that the nation’s insurance sector gross premium has risen to N551.4 billion at the end of the second quarter of 2023, as against N369.2 billion at the same time in 2022.

FBQuest analysts said the growth represents an increase of 49 percent quater by quarter (q/q ) and 77 percent (yoy) respectively.

The total premium income comprised income generated from life and non-life insurance businesses.

Nigeria’s insurance sector has continued to deliver double-digit growth in the face of numerous macroeconomic challenges, including high inflation, rising energy prices and fx shortages, FBNQuest said in its monthly report.

The robust y/y growth in premium income was underpinned by an 81 percent y/y expansion in the non-life business to N362.4 billion in Q2 ’23.

Although all non-life business segments increased significantly, fire insurance was the largest contributor.