Insurance Sector Records 12% Growth In Q4, 2022

Nigeria’s insurance industry grew by 12.25 per cent in the fourth quarter of 2022, figures obtained from the National Bureau of Statistics have revealed.

According to the NBS report on Nigeria’s Gross Domestic Product for Q4 2022, the finance and insurance sector consisted of two subsectors: financial institutions and insurance.

While the former accounts for 92.84 per cent, the latter contributes 7.16 per cent to the sector’s growth in Q4.

It stated, “As a whole, the sector grew at 22.58 per cent in nominal terms (year-on-year), with the growth rate of financial institutions at 23.46 per cent and a 12.25 per cent growth rate recorded for insurance.

“The overall rate was lower than Q4, 2021 by 2.34 per cent points, and higher by 1.21 per cent points than the preceding quarter. The quarter-on-quarter growth was 26.59 per cent. Overall, the sector grew by 26.42 per cent in 2022.”

It added that the sector’s contribution to the nominal GDP was 3.30 per cent in Q4 2022, higher than the 3.10 per cent it represented the previous year, and higher than the contribution of 2.83 per cent it made in the preceding quarter.

The total contribution of the sector in nominal terms in 2022 stood at 3.36 per cent, higher than the 3.05 per cent reported in 2021.

It stated, “Growth in this sector in real terms totalled 11.61 per cent, lower by 12.52 per cent points from the rate recorded in the 2021 fourth quarter and lower by 1.08 per cent points from the rate recorded in the preceding quarter.

“Quarter-on-quarter growth in real terms stood at 25.77 per cent. The growth rate of the sector in real terms in 2022 was 16.36 per cent. The contribution of finance and insurance to real GDP totalled 3.95 per cent, higher than the contribution of 3.66 per cent recorded in the fourth quarter of 2021 by 0.29 per cent points, and higher than 3.49 per cent recorded in Q3, 2022 by 0.46 per cent points.”