The Chairman of Nigerian Insurance Association (NIA), Kunle Ahmed, has said the industry recorded a 61 per cent year-on-year increase in the third quarter (Q3) of 2024, reaching N1.2 trillion.
Ahmed, who disclosed this at the first quarter media briefing, explained that the growth was largely driven by the non-life insurance sector.
He said the 2024 performance of the insurance industry revealed a complex landscape marked by significant growth in certain areas alongside persistent and emerging challenges.
The chairman disclosed that within the non-life business, Fire, Oil and Gas insurance were significant contributors to the increased revenue. He said all non-life business products showed robust quarter-on-quarter growth.
According to him, the life insurance business also experienced substantial growth, with the report indicating a 45% quarter-on-quarter increase in Q3 2024 just as Group Life emerged as the largest premium-generating component within the life segment.
“While specific data for the entire year of 2024 is still being consolidated, the trends and available reports offer valuable insights. …Available data up to the end of the third quarter of 2024 indicated robust growth in gross premiums.”
