Insurance GPI Increases by 36.3% to N726.2 billion, While Claims Payments Increase by 31.2%.
The industry has seen a 36.3 percent increase in Gross Premium Income (GPI) quarter over quarter and a 17.8% year over year increase in the fourth quarter of the same year under review, both of which are in line with the National Insurance Commission’s (NAICOM) plans for the insurance sector in its third quarter (Q3) industry performance report of 2022.
Similarly, the total amount of claims paid out in Q4 of the same year jumped by 31.2 percent to N318.2 billion from N242.6 billion in Q3 of the same year.
The average retention rate throughout the industry was at 71.3% during the reviewed period, but this was four points lower than the same period last year and only a point lower than the prior quarter (YoY).
It affirmed that Life business persistently retained about the same point of ninety-three (93.3%) from its prior position of 93.8 percent in quarter three.