Nigeria’s insurance industry’s total assets grew to about N2.3 trillion in the second quarter of 2022, indicating an increased growth rate of 11.9 percent over the first quarter.

The National Insurance Commission (NAICOM) made this known on Friday in Lagos in a bulletin on Insurance Market Performance made available by Mr Rasaaq Salami, its spokesman.

It stated that the industry’s financial position indicated a total of N1.2 trillion in assets in Non-Life Insurance while Life Insurance stood at about N1.1trillion.

It stated also that the insured made gross claims of N174.8 billion in the second quarter of the year, representing 47.3 percent of premiums collected during the period.

It noted that gross claims made in the second quarter of the year indicated a 0.2 percent growth compared to the corresponding period of 2021.

The market report indicated that net claims paid were N148.2billion, signifying 84.8 percent of claims made during the period.

“This reflects the professional underwriting capacity of the industry as driven by the intensified regulatory activities of the commission,’’ the bulletin stated.

It added that the insurance business recorded a near-perfect point of 88.9 percent claims settlement in Life Insurance as against 76.8 percent in the non-life segment which stood at 76.8 percent.

It stated also that motor insurance retained its lead, posting a claims settlement ratio of 92 percent.

“Progress was more noticeable in the oil and gas sector with 85.7 percent of claims settlement ratio, an increase of some 43 points compared to its position of 42.8 percent recorded in the corresponding period of 2021.

“General Accident claims recorded 75 percent, Fire claims recorded 76.2 percent, while Aviation and Marine claims recorded 61.9 percent,’’ it stated.

The bulletin added that sustained market development and growing confidence in the industry would eventually improve the negative peculiarities and challenges of the market.