Total assets in the insurance sector expanded by 5.15 per cent to N3.88tn at the end of the third quarter of 2024 compared to N3.69tn reported in the previous quarter.
This was indicated in the bulletin of the insurance market performance in the third quarter published by the Research & Statistics Department of the National Insurance Commission on Monday.
The analytical report released every quarter describes the market performance during the period under review.
In terms of assets for the third quarter, the report revealed that the non-life business accounted for a majority of the assets at N2.34tn, while the life business’ assets stood at N1.54tn.
The report said, “The industry indeed has demonstrated some significant level of robustness, profitability, and stability as established by the performance in premium generation, favourable net loss ratios, substantial market expansion, and a competitive operating environment.
“More importantly, is the favourable outlook of the market owing to the ongoing regulatory policy direction in terms of sector-wide process automation, market deepening measures, and a sustainable legal framework improvement.”
