All Posts in "Day: March 23, 2023"

Insurance industry generated N726.2 bn premium in Q4 2022

Non-life 57.4% Life 42.6%; claims rise by 31.2%
By Favour Nnabugwu 
insurance industry generated a gross premium income of N726. 2 billion in the fourth quarter of 2022 out of which Non- Life recorded 57.4 percent and Life 42.6 percent.
The National Insurance Commission (NAICOM) the gross premium income generated under review represented a 36.3 percent quarter- on- quarter and 17.8 percent year-on-year.
The  contribution of the gross premium income by each class of business for the period under review showed that Non-Life business as in the prior periods, continued its dominance, contributing 57.4 percent per cent relative to the share of the Life business which was 42.6 percent
According to the Commission, “This is a remarkable situation compared to the real growth (3.5%) of Gross Gomestic Product (GDP) over the same period and, is attributable to consistent regulatory measures being carried out by the Commission.
“The proportional significance of Life in the industry sustained a positive course in recent times was reflective of the consumer’s confidence and awareness.”
In-depth analysis of the Non-Life segment of market shows Oil & Gas business sustaining its market share dominance at 30.25 percent, increasing by two point 2.4percent) compared to the previous quarter.
 The figure posted by Fire Insurance came a distant second (22.2 percent) maintaining same pattern of contribution to the gross premium pool of the market while Motor Insurance (14.9 percent).
Marine & Aviation (12.2 percent), General Accident (11.1 percent) and Miscellaneous (9.5 percent) followed in that order.
 On the other hand, Life business was driven by Individual Life portfolio (38.6 percent) even as its relative contribution fell by about (2.6 percent) compared to third quarter (41.6 percent).
In a contrasting path to the previous quarter, group life followed by about thirty-five (34.5 percent) per cent while Annuity business contributed gross premium income of about twenty-seven (26.9 percent) per cent during the period.
 claims payment increase by 31.2%
The Insurance industry’s Claims reported during the fourth quarter of last year stood at N318.2 billion, representing a 31.2 percent per QoQ growth.
Insights into the Non-life segment shows that Motor Insurance led with regards to claims settlement vis a vis gross claims reported at about 92.3 percent), signifying a nine points improvement as against its prior position.
In the Bulletin,  Fire Insurance was the least at about 46.3 percent.  All other portfolios of General Accident Insurance (80.7 percent), Oil & Gas (51.6 percent), Marine & Aviation (74.4 percent), miscellaneous Insurances (86.1 percent) recorded a proportion above the average, of paid claims against gross claims reported.
Life Insurance business on the other hand reported two points less in comparison to the position held in the prior period of ninety-five (94.6 percent) per cent of net claims paid compared to total claims reported during the same period of 2021.
Patoma Admin by — March 23, 2023 in Insurance 0
Insurance industry’s total assets hit N2.33 trn in Q4 2022

By Favour Nnabugwu
The nation insurance industry’s total assets has reach a whopping N2.328 trillion in the forth quarter of 2022
The confirmation of the asset was release by the National Insurance Commission in it’s Industry Bulletin for Q4 2022.
According to the Bulletin,”The total Assets of the Insurance industry stood at N2,328 trillion in the fourth quarter.”
 The Builletin release by the Head of Communication and Market Development, Mr AbdulRasaaq Salami today further reads that the sustaining Market size distribution with respect to Life and terms of Assets remains positive, with the increasing measures of market deepening and processes would lead to the realization of the vast potentials in the insurance industry.
On the recapitalization drive achieved that period, said notwithstanding, the outlook of the market growth in development, recapitalization drive still ongoing, regulatory Insurance laws and provisions enshrined in the Insurance bill, being reviewed and digitization of the supervisory wide per cent (YoY). 
“This is relatively at a lower momentum compared to the prior period when the
a positive growth that signifies expansion at the rate of two (2.4%) per cent,(QoQ)and at 4.4 progression rate was recorded at about nine per cent (YoY), attributable to the wave of Non-Life Insurance businesses during the period”
Patoma Admin by — March 23, 2023 in Insurance 0
NiMet urges over 187 members, 6 member territories to operate common vision, goals

By Favour Nnabugwu
 
In the celebration of the World Metorologic Al Organisation, the Director- General of the Nigerian Meteorological Agency, NiMet,  Prof Mansur Bako Matazu appealed to the over187 Member States and 6 Member Territories, of the large house to operate with common vision and goals.
 The WMO with the theme for 2023 is “The future of weather, climate and water across generations”  said that Nigeria joined them in the Organisation’s celebration of World Meteorological Day
“The World Meteorological Day therefore, offers opportunity for member countries to converge ideas and resources; and align in one common thematic area”
He said that the agency ensure to bring young people into the agency and as such, “I therefore encourage us as institutions and individuals to invest in our future generations, creating awareness on the dangers of climate change such as extreme weather and loss of livelihoods; and providing opportunities for them to proffer solutions thereby making the World a safer place for All. We must catch them young.”
“We have signed Memorandum of Understandings (MoUs) with several universities in Nigeria to promote the science of meteorology within the academic institutions at tertiary level.To support national and regional development, “
“Over the years, society as well as science has evolved. Technology has allowed us to modernise the way activities are conducted in a more concise and efficient manner.”
“We have witnessed the transition from an analogue society to a digital one, and the evolvement is expected to continue. In the same way, the world climate has transited from variability to change while variability still continues within different climate environment.”
NiMet, Matazu had continued to render services in support of aviation, agriculture, construction, tourism, defence, water resources management, telecommunications, environment, communications, etc.
Also speaking, the WMO representative in North, Central and West Africa, Dr Bernard Gomez said the WMO anniversary also serves extreme, our ocean is as a reminder of our changing climate.
“Our weather is more warmer and more acidic, and sea levels have risen. Cyclone Freddy in southern Africa which claimed over 200 lives and caused significant damage to property, is astark reminder of the threat from the climate system.
He recalled that in 2022, Nigeria lost over 600 lives due to unprecedented flooding.
“The rate of change is accelerating. and we need urgent action now to slash emissions and to ensure that future generations can both survive and thrive on our planet”
“The good news is that rapid scientific and technological advances have greatly improved the accuracy of weather forecasts and life-saving early warnings. Therefore, no one should be left
behind, regarding access to weather and climate information’
While appraising the feats of NiMet, Gomez posited that NiMet has done well in developing business ventures with partners
To improve the quality and availability of Earth observation data, WMO, other UN Agencies and Partners have established the Systematic Observations Financing Facility (SOFF) programme to support least developed countries to bridge gaps in the generation and provision of weather and climate information and services.
“I am pleased to note that NiMet has signed an MoU with the SOFF Secretariat as one of the technical partners that will support some countries participating in the SOFF programme. This is indeed a testament to NiMet’s growing capacity and professionalism within the global
community.”
He said, “To improve the quality and availability of Earth observation data, WMO, other UN Agencies and Partners have established the Systematic Observations Financing Facility (SOFF) programme to support least developed countries to bridge gaps in the generation and provision of weather and climate information and services”
“This is indeed a testament to NiMet’s growing capacity and professionalism within the global community”.
Patoma Admin by — March 23, 2023 in Aviation 0