The Chairman of Nigerian Insurance Association (NIA), Kunle Ahmed, has disclosed that the growth of insurance industry went up by 61percent in the third quarter of 2024.
He attributed the N1.2 trillion representing a 61 per cent growth the industry recorded to non-life aspect of the business.
Ahmed who disclosed this during a 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.
