Insurance industry grow by 28.16% in Q3 2022

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By Favour Nnabugwu
Insurance industry has increase in capacity to 28.26 percent in Q3 2022, according to the National Bureau of Statistics, NBS,
Other impressive sectoral rebounds are insurance sector from 7 percent growth in Q2 to 19 percent in Q3, Quarry from 22.2 percent in Q2 to 39.6 percent in Q3; motion pictures and music from a contraction of 6 percent in Q2 to a positive growth of 22.4 percent in Q3.”
Acknowledging the growth of the sector, is Chief Executive Officer of the Center For The Promotion Of Private Enterprise, CPPE, Mr Muda Yusuf
The report said, “As a whole, the sector grew at 21.37 per cent in nominal terms (year-on-year), with the growth rate of financial institutions at 20.65 per cent and a 28.26 per cent growth rate recorded for insurance.
In his review of the country’s GDP, report, Chief Executive Officer, CEO, of the Center, Dr. Muda Yusuf, excitingly noted that it is noteworthy that the insurance alongside others out performed other sectors in growth outcomes, compared to second quarter figures.
According to the NBS, the financial institutions and insurance accounted for 89.99 per cent and 10.01 per cent of the sector respectively in real terms in Q3, 2022.
The Head, corporate communications  Polari Bank, Mr Rasheed Bolarinwa said these factors had  done so much harm to the insurance industry that the response that followed  the mention of insurance or insurance companies to an average Nigerian was predictable.
Negative reactions and lukewarm attitude are the kind of feelings that come with an invitation to insurance policies. This informed the low patronage and acceptance of insurance companies operating in Nigeria”, he observed.
The Chairman of the Insurance Industry Consultative Council, Mr Edwin Igbiti said the insurers needed the support of the media to achieve their growth agenda in order to deepen insurance Penetration in the country.
The Chairman, Insurance Industry Consultative Council (IICC), Mr. Edwin Igbiti, has affirmed that insurance industry is one of the most resilient and fast expanding sectors in Nigeria.
Igbiti on “Media as Catalyst for Insurance Inclusion,”organized for the members of the Nigerian Association of Insurance and Pension Editors (NAIPE) recently.
Igbiti said, “You will agree with me that there has been growth in the industry despite the numerous economic recessions, the effects of the COVID-19 and the #ENDSARS protests which resulted into millions of claims. The insurance industry has stood as one of the most resilient and fast expanding sectors in the nation’s economy. “
 “The crucial position the media plays in the economy and society at large cannot be over emphasized. Indeed, the media poses as a veritable authority for agenda setting, public education, sensitization and awareness creation.
“It is in the light of the above, that the theme for this retreat “Media as Catalyst for Insurance Inclusion”, comes to limelight. The media is a powerful catalyst for social change and equally an effective tool for insurance inclusion that the industry desires. Hence, the need to continually carry the media along with the various initiatives and developments in the industry for good coverage and projection.
“As the industry witness expansion, we equally need you the media to keep promoting these achievements for the good of the common goal of the industry.
“We are partners and we urge you all to use your reputable platforms to consistently announce the gospel of insurance and its benefits to the public so that we can attain the desired penetration rate in Nigeria.
“When the industry is booming from our efforts, it will also be a common joy and gain for us all. Hence, the onus is on all of us, everyone in this room and our networks beyond it to ensure that the insurance industry attains its pride of place in the economic ecosystem.”
While commending NAIPE members for their support, the IICC Chairman who is also the President/Chairman in Council, Chartered Insurance Institute of Nigeria (CIIN) said “I like to use this opportunity to express our profound appreciation to the media for its inestimable support over the years especially, you the insurance industry Journalists who have constantly employed your expertise and in-depth knowledge about the industry to objectively report the trends and opportunities as well as enlighten the public about the values of insurance.
He noted that the retreat is “organised annually by the IICC to serve as a platform to engage and recognize the contributions and the key roles the media has been playing as an instrument for awareness creation and education for insurance in Nigeria.
“It is also a great opportunity to feel the pulse of the public through the lens of the media. It is against this backdrop that the IICC ensures its commitment to this annual gathering remains an ever-present feature in the calendar of the industry.
“This forum also serves the objective of further unifying all Arms of the Insurance Industry who have come together under one umbrella, the IICC, to ensure unity and single-mindedness in promoting the insurance industry agenda.
“It is vital to state that the IICC was formed with the purposes targeted at enhancing the profile of the industry as well as boost its significance to the nation’s economic growth.”

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