According to the Bulletin of the insurance market performance – a statistical department quarterly synopsis of the insurance market third quarter 2022, National Insurance Commission (NAICOM), as captured by this analytical report, was a virtue of an excellent performance in the financial services sector of the economy.
Likened to the Nigeria’s growth in real Gross Domestic Product (GDP) of 2.3% during the same period, the industry fostered at a higher rate of about fifteen (14.9%) per cent growth rate, an impressive performance once again. The relative contribution of each class of business is provided for in Chart 1, representing the continued development of the Life Insurance business as driven by its component of the Individual Life.
