Nigeria’s insurance industry has recorded a significant milestone with a gross premium income of ₦1.17 trillion in the third quarter of 2024.
This represents a notable growth when compared to the same period in 2023, signaling increased consumer confidence and wider insurance penetration across key sectors of the economy.
According to data released by the National Insurance Commission (NAICOM), the growth is largely attributed to the life and non-life insurance segments, particularly in health, motor, and oil and gas.
Industry experts say regulatory reforms, better enforcement of insurance laws, and strategic partnerships are contributing factors to this upward trend.
NAICOM further noted that the industry’s claims payout ratio has also improved, which suggests better customer service delivery and efficiency.
With the Nigerian economy facing multiple pressures, this performance provides a positive outlook for the sector’s role in economic resilience and financial inclusion.
