Nigeria’s insurance industry grew by 16.99 percent in the third quarter of the fiscal year 2023.
The Punch reported that this was made clear in the National Bureau of Statistics’ third-quarter report on the nation’s gross domestic product, which covered finance and insurance.
According to the statement, “The finance and insurance sector is made up of the two subsectors, insurance and financial institutions, which, in real terms, accounted for 9% and 91% of the sector in Q3, 2023, respectively.
“The industry grew at a nominal annual rate of 30.20 percent overall, with financial institutions growing at a rate of 31.67 percent and the insurance industry growing at a rate of 16.99 percent.
“The overall rate was 2.20 percentage points higher than the previous quarter and 8.82 percentage points higher than Q3, 2022.”
The report stated that there was a 7.85 percent contraction in growth from quarter to quarter.
According to the NBS, the sector’s share of the nominal GDP in Q3 2023 was 3.17 percent. This is a decrease from the 2.83 percent it contributed the previous year and a higher percentage than the 4.01 percent it contributed in the previous quarter.
In real terms, this sector grew by 28.21 percent, which was 15.52 percent points higher than the third-quarter rate of 2022 and 1.37 percent higher than the pre-quarter rate.
It stated that real quarter-over-quarter growth was -9.17 percent.
According to the NBS, the combined contribution of finance and insurance to real GDP was 4.36 percent. This represents an increase of 0.87 percentage points over the 3.49 percent recorded in the third quarter of 2022 and a decrease of 0.91 percentage points over the 5.26 percent recorded in the second quarter of 2023.
