The National Insurance Commission, NAICOM, report placed the total assets of the insurance industry at N2.33 trillion in the fourth quarter of 2022.
According to the report, the figure represents a positive growth that signifies expansion at the rate of 2.4 percent, quarter-on-quarter and at 4.4 per cent year-on-year.
The report made available to Channel Network Afrique, CNA, indicated that the market size distribution in terms of the total assets recorded with respect to life insurance which stands at 1.22 trillion.
According to the report, non-life insurance businesses during the period under review is 1.12 trillion.
It however, noted that the result was relatively at a lower pace compared to the prior period when the progression rate was recorded at about nine percent year-on-year.
