{"id":1033,"date":"2024-07-18T07:50:55","date_gmt":"2024-07-18T07:50:55","guid":{"rendered":"https:\/\/panoramanews.com.ng\/?p=1033"},"modified":"2024-07-18T07:50:55","modified_gmt":"2024-07-18T07:50:55","slug":"insurers-assets-hit-n3-3trn-as-premium-income-rises-by-51","status":"publish","type":"post","link":"https:\/\/panoramanews.com.ng\/index.php\/2024\/07\/18\/insurers-assets-hit-n3-3trn-as-premium-income-rises-by-51\/","title":{"rendered":"Insurers\u2019 assets hit N3.3trn as premium income rises by 51%"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-1034\" src=\"https:\/\/panoramanews.com.ng\/wp-content\/uploads\/2024\/07\/download-16-275x300.jpeg\" alt=\"\" width=\"275\" height=\"300\" srcset=\"https:\/\/panoramanews.com.ng\/wp-content\/uploads\/2024\/07\/download-16-275x300.jpeg 275w, https:\/\/panoramanews.com.ng\/wp-content\/uploads\/2024\/07\/download-16.jpeg 332w\" sizes=\"auto, (max-width: 275px) 100vw, 275px\" \/><\/p>\n<p>Kindly share:<\/p>\n<p><span style=\"font-weight: 400;\">Despite the harsh operating business environment in the economy, insurance companies were able to grow their total assets by 36.9 per cent year-on-year, YoY, to N3.3 trillion in Q1\u201924 from N2.4 trillion\u00a0 in the corresponding period of Q1\u201923.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The National Insurance Commission, NAICOM, disclosed this yesterday, in its first quarter Q1 &#8217;24 report of the insurance sector.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the report, total assets of non-life businesses stood at N1.9 trillion while total assets of life business stood at N1.4 trillion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to NAICOM, the insurance industry sustained positive performance and market deepening capacity indicating its ability to adapt and grow despite the prevailing macroeconomic challenges.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further analysis of the report shows that industry gross premium income increased by 51 per cent to N470.7 billion in Q1 &#8217;24 from N311.5 billion recorded in Q1\u201923.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to NAICOM, the impressive increase is attributable to the regulatory measures and market dynamics.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further analysis of the report shows that the non-life segment led the market as it generated premium income of N326.9 billion indicating 69.5 percent contribution of the total premium pool while the life segment generated N144.9 billion representing 30.5 per cent of the total premium during the period.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On claims payment, claims paid increased by 71.8 percent to N149.1 billion in Q1 &#8217;24 from N86.8 billion recorded in Q1\u201923.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to NAICOM, the growth in claims payment is a reflection of increased public enlightenment and growing confidence of stakeholders concerning claims settlement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThis is a win-win situation for insurers, policyholders and society at large as stakeholder confidence remains a major determinant of market deepening and sustainability in the long run.\u201d Vanguard<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kindly share: Despite the harsh operating business environment in the economy, insurance companies were able to grow their total assets&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1034,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[327],"class_list":["post-1033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","category-news","tag-naicom"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - 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