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Nigerian Insurers Retain 93% Life Business Premium, 55% Non-life Premium In Second Quarter

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By Sola Alabadan

The Nigerian insurance industry recorded 93 percent premium retention ratio in the Life business, while non-life recorded a ratio of 55 percent during the second quarter of year 2022, the National Insurance Commission (NAICOM) disclosed on Friday.
The premium retention ratio refers to the portion of premiums (and therefore risk) that is kept on an insurance company’s books, rather than being passed on to the reinsurance companies.
In spite of the fact that the retention in the non-life business was above average level, when compared to the 59.4 percent recorded during the corresponding period in 2021, NAICOM stated that the decline would require a focused attention for improvement, going forward.
Out of the Gross premium income of N369.28 billion recorded in the second quarter of 2022, the Non-Life segment maintained its primacy at 59.3% of the total premium generated, while Life business recorded 40.6 percent of the insurance market production.
A further sub-division in the Non-life business shows that Oil & Gas was the leading driver at 32.5 percent, fire 20.7 percent. Motor Insurance 14.8 percent, while Marine & Aviation, Gen. Accident and Miscellaneous reported a share of 12.3 percent, 10.9 percent and 8.9 percent, respectively.
For the Life business, the share of Annuity was about 24.7 percent, while Individual Life held a major driver position at 41.8 percent of the premium generated during the period.
Meanwhile, the percentage of incurred claims as against reported, mirror the market retention view during the period.
Motor Insurance retained its lead posting a claims settlement ratio of 92 per cent. Progress was, however, more noticeable in the Oil & Gas with 85.7 percent per cent of claims settlement ratio, an increase of some 43 points compared to its position of 42.8 percent recorded in the corresponding period of 2021. Miscellaneous insurance also posted about 62 percent, higher than 44 percent paid claims ratio, compared to its corresponding period of 2021. while General Accident (75%), Fire (76.2%) and, Aviation & Marine (61.9%) followed in that order.
NAICOM added that “The Insurance market indeed remained profitable during the period, recording an overall industry average of about 56.9 percent, maintaining a relative position (57.7 percent) recorded in the corresponding period of preceding year. The Non-Life segment loss ratio stood at 43.6% while the life business stood at about sixty-nine (68.5%) per cent depicting a less profitable scenario comparatively, over the same period. The net loss ratios for non-life, bears an improved market image in the current period as compared to the preceding period when it was 48.2%.”

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NAICOM Issues New Licenses To SanlamAllianz After Merger

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The National Insurance Commission (NAICOM) today handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Limited in Abuja.

Commissioner for Insurance, Mr. Olusegun Omosehin, emphasised the ccommission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements.
He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.

The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance.
He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.

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Leadway Health HMO Wins Award Again

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Leadway Health HMO has been honoured with the Health Maintenance Organisation (HMO) of the Year award at the Nigerian Healthcare Excellence Awards (NHEA) for the third consecutive year.
This achievement affirms Leadway Health HMO’s position as a consistent leader in delivering innovative, accessible, and customer-focused healthcare solutions across Nigeria. Leadway Health HMO set a new record, one that has never been achieved in the 15-year history of the NHEAwards.
The award, presented in Lagos recently, 2025, celebrates the organisation’s excellence in service delivery, technology integration, unmatched service delivery, and its expanding provider network.
Speaking on this achievement, Chief Executive Officer, Leadway Health HMO, Dr. Tokunbo Alli, stated, “Receiving the HMO of the Year award for the third consecutive year is a deeply meaningful milestone for us at Leadway Health HMO. It is more than an accolade; it is a resounding validation of our commitment to transforming healthcare delivery in Nigeria, Africa, and the world at large.
“In a country where fewer than one in ten people have access to health insurance, we recognise the immense responsibility we carry. Through our investment in digital innovation, operational efficiency, and inclusive health plans, we are not only improving access to quality care but also setting new benchmarks for service excellence within the industry. This recognition reflects the trust our customers place in us and the unwavering dedication of our team and partners who make our vision a reality every day.”
Alli added, “We will continue to scale our hospital partnerships, enhance claims transparency, and leverage technology to deliver even more accessible, affordable, and customer-centric healthcare solutions. This award strengthens our resolve to be at the forefront of Nigeria’s health transformation journey—driving meaningful change, one life at a time.”
Leadway Health HMO’s triple win comes at a time when trust and performance in the HMO sector are under scrutiny. With a growing population, rising healthcare costs, and a national goal of achieving Universal Health Coverage (UHC) by 2030, the company’s performance positions it as a crucial stakeholder in driving Nigeria’s health transformation agenda.
The Nigerian Healthcare Excellence Awards, founded in 2014 by Global Health Project and Resources in collaboration with Anadach Group USA, is the industry’s most respected recognition platform. This year’s edition was themed “Collaborating for Impact: Strengthening Health Systems through the SWAP Approach”, emphasising unified efforts to drive change.

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NAICOM Wants Nationwide Conversation About Power Of Insurance

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By Sola Alabadan

The National Insurance Commission (NAICOM) has enjoined insurance operators to ensure that they ignite a nationwide conversation about the power of insurance as the inaugural edition of Insurance Week holds across the country.

The Commissioner for Insurance and Chief Executive of NAICOM, Olusegun Omosehin who spoke in Lagos on Monday, affirmed that the Insurance Week is designed to raise national awareness about the vital role of insurance in Nigeria’s growth and development.

To truly secure Nigeria’s future, he pointed out that “we must educate the public on the benefits of insurance, develop products that meet the needs of all Nigerians, wnsure prompt and transparent claims processing, as well as invest in talent and technology to drive innovation and trust.

At NAICOM, he said the regulatory body is committed to building a strong, inclusive, and globally respected insurance industry, and has been driving reforms to strengthen consumer protection, promote digital innovation, ensure capital adequacy and sound governance, while expanding access to underserved communities.

On why insurance matters, he stated that “In today’s fast-changing world, risks are everywhere—economic shocks, natural disasters, health crises, and more” adding that these uncertainties can disrupt lives and derail national progress.

“Insurance is our shield. It helps individuals, businesses, and governments manage these risks, recover from losses, and build resilience.
Without insurance, your economy would be more vulnerable, and our people less secure. That’s why this year’s theme, “Insurance for All: Securing Nigeria’s Future,” is both timely and essential” he emphasised.

Omosehin maintained that “The future of Nigeria depends on how well we manage risk. Every decision—whether by individuals, businesses, or government—carries uncertainty. Insurance provides the tools to navigate these uncertainties and protect our collective future.”

The NAICOM boss further urged the nsurance operators to renew their commitment to building an industry that serves the people and supports national development and use every platform—media, schools, communities, and workplaces—to spread the message that insurance is not a luxury; but a necessity.

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