Insurance Industry Pays N318.2bn Claims In Q4 2022
The Nigerian insurance industry has continued in meeting its claim responsibility, giving it a topmost priority as reflected in the claims reported during the fourth quarter 2022 which stood at N318.2 billion representing a thirty-one (31.2%) per cent Quarter on Quarter (QoQ) growth.
This was contained in the Fourth Quarter 2022 Quarterly Report Of the Insurance Market released by the National Insurance Commission (NAICOM).
The possible attainment, according to the report, was as a result of growing awareness and Market expansion as well as consumer’s confidence.
In a similar pattern, the net claims paid were reported at N244.3 billion, growing at about eighteen per cent (17.9%) QoQ during the same
period.
Insights into the Non-life segment shows that Motor Insurance led with regards to claims settlement vis a vis gross claims reported at about ninty-two (92.3%) per cent signifying a nine points improvement as against its prior position.
Fire Insurance was the least at about forty-six per cent (46.3%), the only class below average proportion.
All other portfolios of General Accident Insurance (80.7%), Oil & Gas (51.6%), Marine & Aviation (74.4%), miscellaneous Insurances (86.1%) 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%) per cent of net claims paid compared to total claims reported during the same period of 2021.
The data reveals an impressive development with regards to claims settlement in the non-life business with a record of about sixty-four (63.7%) per cent compared to the previous period (46.9%). It therefore, indicates that despite operational challenges, the claims settlement experience of Insurers is improving.
