By Favour Nnabugwu
Top ten Life and Non-life insurance companies control over 60 percent of the total market gross premium income of N369.2 billion for half quarter 2022.
The gross premium indicates a 20.1 per cent growth rate compared to the same period of the previous year and an impressive 65.0 per cent, quarter on quarter.
The top ten companies whose names were not mentioned for obvious reasons, to protect the market, contributed a large chunk of the total gross premium for the sector.
The National Insurance Commission, Naicom Statistics Bullentin released by Head of Corporate Communication & Market Development, Mr AbdulRasaaq Salami to the Media recently said the companies are doing greatly.
“Life business is controlled by the top ten (10) players in the market compared to about sixty (60.2 percent) per cent in the prior period YoY.”
“The top ten (10) underwriters in the NonLife section of the industry contributed about sixty one (60.8 percent) per cent of the gross premiums income sustaining a similar scenario in the corresponding prior period”.
This occasion demonstrates a fairly distributed market control and a less concentration risk in the market.
Naicom also looked at the least ten insurance in life and Non-life.
“However, less than one per cent was the contribution of the least ten (10) players in both Life (0.13 percent) and Non-Life (1.23 percent) segments of the market.
Though the market is yet to fully recover from covid-19 episode, among others, Naicom concluded, “Even so, following the historical pattern of the industry, the analysis of the market has not only improved in the current period but maintained a fairly balanced concentration especially in the Non-Life section of the industry”