At the end of the third quarter of 2022, the insurance industry in Nigeria had N2. 3 trillion in total assets. This information was released by the National Insurance Commission in a report entitled “Statistics department quarterly synopsis of the insurance market third quarter, 2022.”
The report states that N532. 7 billion was the gross premium income for the industry in the third quarter of 2022. However, it continued, the ratio of total claims to gross premium during the current period was about 46%.
According to the report, the life insurance sector had a nearly perfect point of 95. 0 percent claims settlement against all reported claims, while the non-life segment was at 72.4 percent at the same time.
