Insurance Sector Records 17.28% Growth In Q2, 2022

The insurance sector grew by 17.28 per cent in the second quarter of 2022, according to figures obtained from the National Bureau of Statics’ Gross Domestic Product report for the period.

The NBS stated in the report that, “The finance and insurance sector consists of the two subsectors, financial institutions and insurance, which accounted for 89.1 per cent and 10.9 per cent of the sector respectively in real terms in Q2, 2022.

“As a whole, the sector grew at 29.9 per cent in nominal terms (year-on-year), with the growth rate of financial institutions at 31.63 per cent and 17.28 per cent growth rate recorded for insurance.

“The overall rate was higher than that of Q2, 2021 by 31.76 per cent points and lower by 2.39 per cent points than the preceding quarter. Quarter-on-Quarter growth was -5.19 per cent.”

According to the report, the sector’s contribution to the overall nominal GDP was 3.63 per cent in Q2, 2022, higher than the 3.21 per cent it represented in the previous year, and lower than the contribution of 3.8 per cent made in the preceding quarter.

Growth in the sector in real terms totalled 18.48 per cent, higher by 20.96 per cent points from the rate recorded in the 2021 second quarter and down by 4.76 per cent points from the rate recorded in the preceding quarter.

Quarter-on-quarter growth in real terms fell by 5.96 per cent.

The report noted that the contribution of finance and insurance to real GDP totalled 4.25 per cent, higher than the contribution of 3.72 per cent recorded in the second quarter of 2021 by 0.54 per cent points, and lower than 4.51 per cent recorded in Q1, 2022 by 0.25 per cent points.