The National Insurance Commission (NAICOM) has said that regulatory framework it has put in place has added significant growth value to the sector bringing significant development to the industry.
The agency disclosed that the industry assets has hit N793.6 billion at the end of first quarter this year showing great signs of further growth.
Director, supervision of NAICOM, Nicholas Opara, who gave the figure in Ilorin Kwara State at a conference for Insurance Correspondents said that the industry’s assets last year stood at N711.4 billion, while the total liability was N422.7 billion.
He announced that the liabilities at the end of the first quarter (Q1, 2015) rose to N444.4 billion.
Opara, in his paper with the theme: “NAICOM and Insurance Business Regulation in Nigeria, the Journey So Far,” said industry gross premiums written amounted to N302.10 billion and N97.01 billion, while net claims incurred stood at N90.39 billion and N23.73 billion.
He added that as at the end of last year, shareholders’ funds stood at N352.5 billion and dipped slightly to N343.4 billion in 2015, while insurance funds were N334.85 billion and N347.9 billion in the respective years.
Opara also said that the industry’s net profit rose to N28.43 billion in 2015 compared to the N15.43 billion posted in the preceding year.
Insurance Sector’s Assets Hit N793.6bn
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