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”
