As a result of enhanced underwriting capacity, insurance firms paid 47.3% of all premiums earned as claims during the second quarter of 2022 (Q2’22).Infomation Guide Nigeria
This represents a little improvement from Q1’22, when 48.7% of all premiums produced were paid in claims.
Therefore, gross premium income increased by 64.9% to N369.2 billion in Q2’22 compared to N223.8 billion in Q1’22.
In Q2’22, the payment of claims increased by 60.9%, from N108.9 billion to N174.8 billion.
According to the National Insurance Commission, NAICOM’s “Bulletin of the Insurance Market, Second Quarter 2022” released over the weekend, the drop in claims figures demonstrates the industry’s capacity for professional underwriting.
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According to the report, the industry’s gross claims in the second quarter of 2022 amounted to N174.8 billion, or 47.3% of all premiums generated during the period.
The report stated: “The industry statistics for gross claims in Q2 of 2022 stood at N174.8 billion, representing 47.3 per cent of all premiums generated during the period.
“This development reflects the professional underwriting capacity of the industry as driven by the intensified regulatory activities of the Commission.
“The Life Insurance business recorded a near perfect point of about ninety (88.90) per cent claims settlement as against the reported claims while non–life segment stood at about seventy-seven (76.8) per cent.”
Similarly, the nation’s insurance industry’s total assets climbed to N2.3 trillion in the second quarter of 2022, an increase of approximately N200 billion or 11.9% compared to the second quarter of 2021.
According to the report, the assets of non-life businesses totaled N1.2 trillion, while the assets of life businesses totaled N1.1 trillion, totaling N2.3 trillion overall.Jamb Result
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