Insurance Industry’s Assets Reaches N1.26tn

The total assets of the Nigerian insurance industry rose to N1.263tn as of the end of the 2018 financial period.

Figures obtained by our correspondent from the regulatory body of the industry, National Insurance Commission, on Wednesday, revealed that the liabilities and equities of the sector stood at N645bn during the period under review.

According to the commission, the insurance industry’s gross premium rose by 22 per cent to N315bn in the third quarter of 2018, from N258bn in the corresponding period of 2017.

It added that the gross claim’s figure rose by 30 per cent to N143bn in the period under review from over the N110bn reported for the same period in 2017.

According to the figure obtained from the Nigerian Insurers Association, the assets of the life insurance companies rose from N430.72bn in 2015 to N476.45bn and N533.51bn in 2016 and 2017 respectively.

The liabilities of the life underwriters, it noted, rose from N430.71bn in 2015 to N476.45bn and N532.97bn in 2018 and 2019 respectively.

According to the association, the total assets of member companies rose from N894.87bn in 2015 to N985.98bn and N1.09tn in 2017.

These figures excluded assets of the takaful and reinsurance companies.

It added that the assets of Continental Reinsurance Plc stood at N34.12bn while assets of Nigeria Reinsurance Corporation stood at N20.31bn in 2017.

In 2017, it noted that the takaful companies which were Jaiz Takaful Insurance Plc and Noor Takaful Insurance Plc had assets of N80.18m and N174.57m respectively.

The association stated in its ‘Nigeria Insurance Digest 2017’ that despite the recession experienced in 2016, the companies continued to improve their drive and commitment to increasing revenue and respective market share amid the recovery of the economy.

It stated that market prospect stagnated due to the decline in the purchasing power of the populace.