Article Summary: Insurance sector shows significant growth in 2023 according to NAICOM report. Total assets stood at N2.67 trillion with a capitalization of N851 billion. The total amount of claims amounts to N669.4 billion, of which 61.3% comes from the non-life insurance sector and 38.7% from the life sector. Total premiums stand at N1,003.2 billion, with an average retention of 66.7%. The main growth drivers are oil and gas insurance as well as fire insurance.
The article also highlights claims settlement, with 95% of amounts allocated to the life sector, reflecting the regulatory measures in place to facilitate settlements. This overall growth of the sector reflects a positive and encouraging dynamic for the insurance industry.
Finally, images on the topic of “Insurance Industry Market Performance statistics” as well as links of related articles are available to deepen the understanding of this booming sector.