The total assets of the insurance industry stood at N2.33 billion in the fourth quarter of 2022, Statistics Department Quarterly Report of the Insurance Market stated.
A bulletin of Insurance Market Performance, released by the National Insurance Commission (NAICOM) published the report, on Thursday in Lagos.
The figure represents positive growth signifying expansion at the rate of 2.4 per cent, quarter-on-quarter and at 4.4 per cent year-on-year.
The report said the market size distribution, in terms of total assets recorded with respect to life insurance, stood at N1.22 billion.
Non-life insurance businesses, during the period, stood at N1.12 billion.
It noted that the result was relatively at a lower momentum, compared to prior period when the progression rate was recorded at about nine per cent year-on-year.
The report also attributed the downturn to the wave of recapitalisation drive recorded in that period.
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“However, outlook of the market growth, in terms of assets, remains positive.
“This is with the increasing measures of market deepening, development and recapitalisation drive still ongoing.
“Also, regulatory insurance laws provisions are enshrined in the Insurance Bill, being reviewed.
And digitisation of the supervisory wide processes would lead to the realisation of the vast potentials in the insurance industry.
According to the report, statistics of insurance market performance for the quarter under review, revealed consistent growth in premium generation.
It also indicated quality improvements in essential indicators, including claims settlement and profitability.
“It is obvious that the market could be ruled as sound and stable.
“The stance of the market deepening remains optimistic in spite of operational and macro-economic challenges,” the report stated.
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