By Cynthia Ezekwe

The Nigerian insurance industry recorded N726.2 billion as gross premium income at the end of the fourth quarter of 2022.

National Insurance Commission (NAICOM),disclosed this in a report  titled "Insurance Industry Performance for Fourth Quarter 2022."

According to NAICOM, the record  represented an increase of of 36.3 per cent, quarter-on-quarter and 18 per cent year-on-year, attributing the growth to the commission’s consistent regulatory measures.

Breaking it down, NAICOM disclosed that the non-life insurance business during the period contributed about 57.4 per cent, while  the life insurance business recorded   42.6 per cent,

The commission noted that the non-life segment  showed that the oil and gas business sustained its market share dominance at 30.25 per cent, increasing by 2.4 per cent compared to the previous quarter.

The report disclosed that fire insurance recorded  22.2 per Motor insurance recorded 14.9.per cent, marine and aviation had 12.2 per cent, general accidents made 11.1 per cent, and miscellaneous had 9.5 per cent, respectively.

“While the life business was driven by individual life portfolio of 38.6 per cent, its relative contribution fell by 2.6 per cent, compared to the third quarter, which recorded 41.6 per cent,” the report disclosed.

In addition, group life generated 34.5 per cent pross premium income, while annuity business contributed gross premium income of 26.9 per cent during the fourth quarter of 2023.