The total assets of the insurance industry stood at N2.33 billion in the fourth quarter of 2022, says a report, Statistics Department Quarterly Report of the Insurance Market.
According to the report, the figure represents positive growth that signifies expansion at the rate of 2.4 per cent, quarter-on-quarter and at 4.4 per cent year-on-year.
The report, in a bulletin of the Insurance Market Performance, was made available by the National Insurance Commission, NAICOM, on Thursday in Lagos.
The report said the market size distribution in terms of the total assets recorded with respect to life insurance stood at 1.22 billion, while the non-life insurance businesses during the period stood at 1.12 billion.
It noted that the result was relatively at a lower momentum compared to the prior period when the progression rate was recorded at about nine per cent year-on-year.
It also attributed the downturn to the wave of recapitalisation drive recorded in that period.
“However, the outlook of the market growth in terms of assets remains positive, with the increasing measures of market deepening and development and recapitalisation drive still ongoing.
“Also, regulatory insurance laws provisions 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 the insurance market performance for the quarter under review revealed consistent growth in terms of premium generation, quality improvements in essential indicators including claims settlement and profitability.
It said: “It is obvious that the market could be ruled as sound and stable, whilst the stance of the market deepening remains optimistic in spite of operational and macro-economic challenges.”