Business a.m
The Nigerian insurance industry continues to make strides toward a trillion-naira industry, as the top ten leading insurance companies in the country posted a total Gross Written Premium (GWP) of 472.6 billion, consisting general business/life insurance in 2022, according to data compiled by Finterate Projects, a business fitness consultancy firm.
Gross premiums written in the insurance industry is the total premiums collected by insurance companies, before deducting any reinsurance ceded. This metric is often used to measure the size and health of the insurance industry, as it gives an indication of the demand for insurance products.
The impressive achievement in the Nigerian insurance industry has been attributed in part to the increasing awareness of insurance products and services among Nigerians, and the improved quality of service delivery by insurance companies during the period in review.
A breakdown of the data by Finterate Projects showed that the general business insurance among the top ten insurance firms amounted to 228.4 million, while the life insurance segment recorded 186.5 billion. This indicates that the general insurance segment outperformed the life insurance segment in terms of gross premiums written.
In terms of combined gross written premium (Life & General business), Leadway Assurance Co. Ltd was the clear leader, with a total of N90.8 billion. AIICO Insurance Plc came in second, with 87.5 billion. Custodian Insurance rounded out the top three, with a combined GWP of 75.7 billion.
Following behind in the ranking were Sanlam Nigeria, in fourth place with N53.1 billion, and AXA Mansard Insurance PLC, in fifth place with N41.2 billion. NEM Insurance was next, in sixth place, with N33.3 billion, followed by Mutual Benefits, in seventh place with N29.4 billion. Zenith Insurance was in eighth place, with N20.9 billion, and Heirs Insurance was ninth, with N20.0 billion. Rounding out the top ten was Cornerstone Insurance, with N18.2 billion.
Breaking down the rankings further, AIICO Insurance was the leader in life insurance on a standalone basis, with N61 million in GWP. Leadway Assurance was second, with N50.3 billion, while Sanlam Nigeria was third, with N41.8 billion.
In the general business insurance segment, Leadway Assurance led the way with N40.4 billion, followed by Custodian, with N37.9 billion, and NEM Insurance, with N33.3 billion.
