Tags : Insurance

Insurance Industry Total Assets Hit N2.3tn In Q3

The National Insurance Commission has disclosed that the total assets of Nigeria’s insurance industry stood at N2.3 trillion at the end of the third quarter of 2022. This was contained in a report in ‘Statistics department quarterly synopsis of the insurance market third quarter, 2022’. The commission stated, “The industry recorded a total asset of […]Read More

Insurance Claims Payment Hits N174.8bn

The volume of gross claims paid out to insurance policyholders has recovered, hitting N174.8 billion in the first half of this year, H1’22. This is up by 7.7 percent against the N162.3 billion recorded in the preceding half, H2’21. This major indicator of soundness in the insurance sector had recorded a 6.9 percent decline from […]Read More

Insurance Sector Grows By 15.68% In Q1

According to figures obtained from the National Bureau of Statistics on the country’s Gross Domestic Product, the Nigerian insurance sector grew by 15.68 per cent in the first quarter of the 2022 financial period. The statement said, “The finance and insurance sector consists of the two subsectors, financial institutions and insurance, which accounted for 89.12 […]Read More

Nigerian Insurance Sector Records 8.01%

Figures obtained from the National Bureau of Statistics have shown that the Nigerian insurance industry grew by 8.01 percent in 2021 when compared to a negative growth rate of 13.29 per cent in 2020. The NBS, in its Gross Domestic Product report for the fourth quarter of 2021, said the insurance industry also accounted for […]Read More

Insurance Companies Earned N2.7tn In Six Years

The National Insurance Commission has disclosed that  insurance companies in Nigeria earned N630.36bn premium in 2021. The Head, Corporate Communications and Market Development,, Rassaq Salami, disclosed this in its unaudited result for 2021 saying that this was a rise from the audited figure of N514bn premium earned in 2020. NAICOM said the total asset of […]Read More

98 companies Post N6.1trn Turnover In H1 2021

No fewer than 98 leading companies on the Nigerian Exchange Limited have recorded a combined turnover of N6.1 trillion in the first half of 2021. The companies’ H1’21  combined turnover  was 17.57 percent more than the N5.2 trillion recorded in the same period in H1’20. According to their financial reports, they turned over to the […]Read More

16 Insurance Firms Pay N67.12bn Claims In Six Months

No fewer than sixteen insurance companies  have a total claims of 36.48 percent increase in the first half of this year. This is an increase to N67.12 billion from N49.18billion in the same period of 2020. An analysis of data collated from an unaudited financial statement showed that they paid policy holders N67.12bn in claims […]Read More

Insurance Sector Contracted By 2.08% In Q1

Latest data by the National Bureau of Statistics has shown that the insurance sector contracted by 2.08 percent in the first quarter of 2021. The figures, which were contained in its report on Gross Domestic Product for the first quarter, said the sector accounted for 12.45 per cent of the financial sector during the period […]Read More