The insured claimed N318.2 billion from insurance companies in the last quarter of 2022.
NAICOM noted that the non-life insurance segment indicated that motor insurance led the result of claims settlement vis-a-vis gross claims at 92.3 per cent, signifying a nine-point improvement against its prior position. It stated that life insurance reported two points lower compared to the 95 percent of net claims paid, compared to total claims reported in the corresponding period of 2021.
It attributed the performance mainly to the life business sustaining its positive course at 46.5 per cent net loss ratio in the current period. The non-life portfolio recorded about 48.1 per cent during the same period. The life premium represented 42.6 per cent of the total N726.2 billion premium posted at the end of the quarter.
They are General accident insurance at 80.7 per cent, Oil and Gas at 51.6 per cent, Marine and Aviation at 74.4 per cent, and miscellaneous insurance at 86.1 per cent.
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