Insurance companies in Nigeria have grown their total assets by 36.9% year-on-year, reaching N3.3 trillion in Q1’24 from N2.4 trillion in Q1’23, according to the National Insurance Commission (NAICOM).

Non-life business assets stood at N1.9 trillion, while life business assets were N1.4 trillion.

NAICOM’s Q1’24 report highlighted the insurance sector’s resilience and adaptability in a challenging macroeconomic environment.

Gross premium income rose by 51% to N470.7 billion from N311.5 billion in Q1’23.

The non-life segment led with N326.9 billion, contributing 69.5% of the total premium, while the life segment generated N144.9 billion, representing 30.5%.

Claims paid increased significantly by 71.8% to N149.1 billion from N86.8 billion in Q1’23, reflecting improved public awareness and growing stakeholder confidence in claims settlement.