Category: Insurance

• As insurers lose US$1.42 trillion yearly

About 6.5 billion people are vulnerable to sicknesses, illnesses, job losses or having their business premises destroyed or damaged by floods or fire without any insurance mediation, a  report by Micro Insurance Network (MIN) has stated.

  It shows that out of 7.8 billion people worldwide, only 1.3 billion people have access to insurance.

  This gap has, however, been estimated by Swiss Re Institute at an yearly value of $1.42 trillion, being the economic value of health care, untimely death and climate disasters.

As a result, the Chief Consultant, B. Adedipe Associates Consult Limited, Dr Biodun Adedipe, said there was the need to bridge this gap with financial inclusion as underscored by the evidence of a study at the World Economic Forum published in December 2021.

He made this known in a paper entitled: “Developing insurance and financial inclusion: “Developing Insurance Products For Informal Sector” he presented when the alumni of Insurance and Actuarial Science Students (Set 89) of the University of Lagos converged on the Arthur Mbanefo Digital Research Centre of the university to celebrate one of their classmates, Kunle Aduloju, who was elevated to the post of a Professor.

Discussants were drawn from the academia and the professional circle.

Adedipe said there was a huge gap between losses to life and property that were insured and those that were not.

He stated that the MIN report stressed that inclusive insurance is targeted at about 6.5 billion people  as only 1.3 billion have access to insurance out of 7.8 billion people worldwide.

He noted that there was also the  concern of about the 1.8 billion people that are very poor and do not have enough to eat.

Added to this is another 4.7 billion people that are not extremely poor but are highly vulnerable and that makes up the figure of 6.5 billion people that are referred as low income, emerging insurance customers and bottom-of-the-pyramid, he said.

He pointed out that while governments and insurance regulators would worry about insurance penetration and contribution to Gross Domestic Product (GDP), the real challenge in this is to insurance practitioners who have to develop products that will effectively address this massive protection gap.

Speaking on the poverty level globally, he stated that the richest 10 per cent of the global population takes home 52 per cent of the income.

He said: “The urgency of the need for financial inclusion is underscored by evidence that includes the one presented by Joe Myers at the World Economic Forum, December 2021.

“The richest 10 per cent of the global population take home 52 per cent of the income. The poorest half of the global population? Well, they earn just eight per cent. On average, an individual from the top 10 per cent will earn $122,100, but an individual from the bottom half will earn just $3,920.

“And, when it comes to wealth like valuable assets and items over and above income, the gap is even wider. The poorest half of the global population owns just two per cent of the global total, while the richest 10 per cent own 76 per cent of all wealth,” he added.

Adedipe added that financial inclusion is better situated within the context of the informal sector, which constitutes 52 per cent of the country’s GDP while 99 per cent of registered businesses in Nigeria are MSMEs, alongside hordes of Nano enterprises.

Noting that the informal sector should be a major target for financial inclusion, Adedipe said” “The informal sector is a bundle of challenges and opportunities for economic growth, poverty alleviation and efficient transmission of policies.”

The President of the 89 set of the Insurance and Actuarial Science Department, Dr Henry Ationu, underscored the need for a meeting point between the town and gown, through efforts of the alumni associations for the promotion of  education crystalising in progress of the nation.

The Chairman of the occasion, Mrs Yetunde Ilori, an alumus of the university and Director-General of the Nigerian Insurers Association (NIA), said the industry could enhance its growth frontiers by placing premium on enhancement of financial inclusion development of products that could meet the yearnings of consumers of insurance.

She said it was regretful that despite the efforts of the operators to grow the industry, the efforts had only yielded paltry result as reflected in the industry’s contribution to the  GDP, calling for more ingenuity and creativity by the operators.

Prof Aduloju emphasised the need for constant engagement between the institutions of learning and their products to enhance knowledge sharing and cohesion.

Ethics and good practices are vital to the growth of the industry, the President, Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti has said.

Igbiti spoke during a visit by the Activity Committee of the institute to SUNU Assurance Plc in Lagos.

He urged operators to  observe good governance as it is would sustain them against challenges.

He stated that this would prevent most companies from going down.

He called on firms to ensure that the Risk-Based Supervision (RBS) comes into effect to check the clinical position of every company.

While commending the board and management of SUNU Assurance, he said the company has continued to thrive despite the challenging operating environment.

He noted that the company has  supported the institute and the industry, adding that the institute plans visit to other insurance companies.

He said: “We have come to tell them the programmes that we have at the institute and seek for their support. One of the programmes that the Activity Committee of the institute will hold soon is the Talent Night, which we are seeking their support on. We are asking that they should bring up their talents to participate at the forthcoming Talent Night which is comes up in March.

“We also informed them that we want to go back to our secretariat site. It is a structure that we have abandoned for years and we want to go back to it and we are seeking for their support.”

The Managing Director, SUNU Assurance, Mr. Samuel Ogbodu, assured the institute of their support.

Ogbodu, who said SUNU has been growing, noted that the company is committed to insurance growth.

He stated that the company was able to achieve the impressive performance due to its strategic master plan.

He said: “The company has grown by over 100 per cent between 2017 till date. We also have a robust reinsurance facility, which is very vital to any insurance company’s claims payment capability. We are ready to pay genuine claims because we are in business to pay claims to compensate for losses or damages sustained by a policyholder.

“If a claim occurs, we take it seriously and make sure to pay following our assessment. If it is a motor claim, we send our in-house staff and if it’s a large claim, we send loss adjuster to review it so that we make payment as fast as possible. We pay claims within 48 hours after issuing discharge voucher.

“We want our client to know that we pay claims diligently. Insurance business is a business of trust. If you place your business with us, no matter the situation, we will flow with you. You can never walk alone. We have a close relationship with our individual clients and brokers. We have some of the best staff in the insurance industry in our technical team and marketing team. We also don’t joke with staff welfare. Part of our strategic priority are the staff. We see them as the frontline of the company. When the staff members are happy, the company is happy and this is what it is at SUNU,” he noted.

With about 12 million vehicles on the roads, insurers are set to rake in about N180 billion premium on third party motor insurance policies this year.

The huge cash does not include that of Comprehensive Motor Insurance, which is usually five per cent of the cost of vehicles insured.

Besides, the estimated N180 billion will amount to about 275 per cent increase against what the industry generated over a 10-year period – 2010 to 2020.

Findings in the Nigerian Insurers Association (NIA) 2020 Digest showed that the operators generated a premium income of N132 billion between 2011 and 2020. The amount represents income generated from Third Party and Comprehensive insurance business.

According to the NIA, the operators posted N44.65 billion from motor business in 2011; N44.81 billion in 2012; N39.84 billion in 2013; N42.90 billion in 2014; N39.84 billion in 2015 and N40.39 billion in 2016.

The umbrella body of insurers said N39.37 billion was generated in 2017; N40.07 billion in 2018; N44.90 billion in 2019 and N47.96 billion in 2020.

It would be recalled that Third Party Motor Insurance premium rate was on January 1, this year increased from N5,000 to N15,000.

It is also one of the compulsory insurance policies in the country. This means it is the legal minimum level of motor insurance cover any motor vehicle owner plying the  road is required to have.

Beyond that Third Party Motor Insurance is compulsory by law, the benefits of the policy make it a must-have for every Nigerian motorist. The policy takes care of the damage caused by the insured to the Third Party’s property or vehicle, also the Third Party’s medical expenses if any, in the event of an accident, when the policyholder is at fault.

With increase in premium from N5,000 to N15,000 comes an increase in benefits from one million naira to N3 million.

While it has limited cover on accidental damage to the property or vehicle of a Third Party up to  N3 million, it has unlimited cover on death, Bodily Injury of the Third Party in the event of an accident.

On the other hand, Comprehensive Motor Insurance is not compulsory. It offers the policyholder the widest range of motor insurance protection as it covers for damage or loss of the policyholder’s vehicle and includes the benefits of Third Party Motor Insurance policy.

Additional benefits include cover for emergency medical expenses in the event of accident; towing fee is covered up to a maximum limit provided your car is towed to a nearest place for safekeeping for repairs; cover for personal effects in the vehicle following an accident and/or theft up to a maximum limit; cover for civil commotion, risk of strikes, flood and riots among others.

Unfortunately, many motorists are either not aware of the benefits of third party motor or comprehensive, thus the low number of the insured.

Nothwithstanding, the National Insurance Commission (NAICOM) and insurance operators have being working to ensure vehicles are insured to boost premium generation.

In most countries, motor third-party insurance is compulsory to protect the public.

Despite making it mandatory for  vehicles to have a minimum of third party motor insurance certificates by the Federal Government, the number of vehicles with fake certificates has continued to soar as it is said to have hit over nine million recently.

According to the NIA, as at last year, only about three million vehicles had valid insurance covers.

Meanwhile, NAICOM has effected the new premium rate.

The Commissioner for Insurance, Mr. Sunday Thomas, said the commission would checkmate the new rate by monitoring insurance companies’ sales on its portal.

He stated that the companies are mandated to upload on NAICOM’s portal every motor insurance policy sold.

The January reinsurance renewals have been described by brokers and primary insurers as frustrating, grueling and very late, with words such as tense, seismic change, and dislocation being bandied about.

As the dust settles on the latest reinsurance renewal season, experts are observing the impact on multinationals and risk managers?

Questions like whether or not it will prolong the hard market, or at least stop dead in the tracks any moves to a softer market, or whether its effects will only be seen in certain areas, such as property?

According to Global Risk Manager, these are not encouraging words for a primary market that has recently seen some small signs of the slowing of a hard market that has been around for some years.

There is however fear whether the difficult reinsurance renewal faced by the primary market mean that the moderation being talked about in pricing will be nipped in the bud.

The effect of the renewal is that primary insurers are carrying more risks, said Chairman, international, Gallagher Re, James Vickers,

He stated that they have increased their retentions on their property catastrophe and per-risk reinsurance programmes, which are also now more expensive.

He said these changes would impact the volatility of their results and the cost of the capacity that they deploy.

He said: “What this means for multinationals and risk managers is that insurers will be seeking to achieve risk-adjusted rate increases above the underlying rates of inflation and will look to their policyholders to increase their deductibles. The cost of capacity for large limits will increase even if the layers are loss free. and particular attention will be paid to coverage.

“At the same time, non-damage business interruption and so-called secondary perils like flood, wildfire, snowstorm, and severe convective storms, as well as strikes, riots and civil commotion) will be under scrutiny”, he explained.

Aon’s Chief Broking Officer, EMEA, Terence Williams, said the renewal was strained, with quoting delays, tightening of capacity and rate increases, especially for nat cat-exposed risks.

“The impact will be felt across the entire property market. Nat cat-exposed risks and those programmes with significant losses will be most affected, but reinsurance pricing increases are driven by a multitude of factors, including underwhelming returns, above-average cat losses, inflation, FX movements and climate change, to name but a few. We should also not focus only on the pricing increases, but also on the impact of coverage restrictions, and how these are going to impact clients,” he noted.

Vickers said he believes price increases, even for loss-free property accounts, will filter down to the primary markets in all territories, but to differing degrees, with US natural catastrophe risk seeing the greatest pricing-increase pressure followed by Europe and then Latin America and Asia.

“Aside from natural catastrophe risks, what buyers in all territories have to recognise is that the ‘pure fire’ results for commercial and industrial risks have been universally poor for primary insurers with no regional/territorial variation. Primary insurers will be looking to address this through their standard fire rates and deductibles.”

Ethics and good practices are vital to the growth of the industry, the President, Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti has said.

Igbiti spoke when he led the Activity Committee of the institute to SUNU Assurance Plc in Lagos.

He urged operators to  observe good governance as it is would sustain them against challenges.

He stated that this would prevent most companies from going down.

He called on firms to ensure that the Risk-Based Supervision (RBS) comes into effect to check the clinical position of every company.

While commending the board and management of SUNU Assurance, he said the company has continued to thrive despite the challenging operating environment.

He noted that the company has  supported the institute and the industry, adding that the institute plans visit to other insurance companies.

He said: “We have come to tell them the programmes that we have at the institute and seek for their support. One of the programmes that the Activity Committee of the institute will hold soon is the Talent Night, which we are seeking their support on. We are asking that they should bring up their talents to participate at the forthcoming Talent Night which is comes up in March.

“We also informed them that we want to go back to our secretariat site. It is a structure that we have abandoned for years and we want to go back to it and we are seeking for their support.”

The Managing Director, SUNU Assurance, Mr. Samuel Ogbodu, assured the institute of their support.

Ogbodu, who said SUNU has been growing, noted that the company is committed to insurance growth.

He stated that the company was able to achieve the impressive performance due to its strategic master plan.

He said: “The company has grown by over 100 per cent between 2017 till date. We also have a robust reinsurance facility, which is very vital to any insurance company’s claims payment capability. We are ready to pay genuine claims because we are in business to pay claims to compensate for losses or damages sustained by a policyholder.

“If a claim occurs, we take it seriously and make sure to pay following our assessment. If it is a motor claim, we send our in-house staff and if it’s a large claim, we send loss adjuster to review it so that we make payment as fast as possible. We pay claims within 48 hours after issuing discharge voucher.

“We want our client to know that we pay claims diligently. Insurance business is a business of trust. If you place your business with us, no matter the situation, we will flow with you. You can never walk alone. We have a close relationship with our individual clients and brokers. We have some of the best staff in the insurance industry in our technical team and marketing team. We also don’t joke with staff welfare. Part of our strategic priority are the staff. We see them as the frontline of the company. When the staff members are happy, the company is happy and this is what it is at SUNU,” he noted.

Great Nigeria Insurance (GNI) Plc has reiterated its commitment to payment of genuine claims while delivering top-notch services to the public in the year.

In a statement, the Manager, Corporate Communications, Brand Management & Customer Service, Oyinkansola Sobande, quoted the Managing Director/CEO of the company, Mrs. Cecilia O. Osipitan, as assuring the customers of the company’s renewed vigour and greater capacity to add value to them in the year.

She stated that despite the  challenges last year, the customers continued to invest in insurance, noting that this wass laudable.

She urged staff members to double up their efforts at ensuring that customers were satisfied at every touchpoint with the company.

She stressed that the company will ensure that the staff members were exposed to the best of training both within and abroad to expand their professional horizon and, ultimately, engender quality and better service delivery to the customers.

Transcorp Hotels Calabar has partnered Heirs Life Assurance (HLA) on an affordable life insurance package for guests.

With this plan, a variant of its popular Term Assure plan, Heirs Life assures guests of relaxation and peace of mind, confidence that the company will step in to make a payment in the case of critical incidents listed in the policy extracts.

This partnership further intensifies Heirs Life’s effort to democratise insurance, drive financial inclusion, and offer solid financial security to everyone.

Available via the Transcorp Hotels Calabar guest reception, guests have the option to include the package as an added benefit to enjoying the premium hospitality services offered in the hotel.

On the deal, the Managing Director/CEO of Heirs Life, Niyi Onifade, said: “This partnership is a demonstration of our mandate to bring insurance closer to people.

“Through our collaboration with Transcorp Hotels Calabar, guests will access affordable, bite-sized life insurance right from the hotel’s premises. We are delighted to partner with Transcorp Hotels Calabar, a brand that aligns with our vision of impacting lives and transforming Africa.”

Also, the Managing Director/CEO, Transcorp Hotels, Calabar, Dupe Olusola, stressed the commitment of Transcorp Hotels Plc to curating exceptional guest experiences.

“This partnership is another way of showing our dedication to the well-being of our guests when they visit any of our properties. While we have put everything in place to ensure a perfect stay, we also believe in going the extra mile to provide more for guest.”

The National Insurance Commission (NAICOM) is working towards the implementation of risk-based recapitalisation in insurance companies by next year. Omobola Tolu-Kusimo writes on the effects of this type of capitalisation on the industry, among others.

The age-long capital inadequacy of insurance companies in Nigeria will be eliminated next year when Risk-based Supervision will commence, The Nation has learnt.

Consequently, companies will trade strictly on their capital. A company may operate as a motor third party insurance company only, which will not require as much capital as a company that wants to trade in oil and gas.

The Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. Sunday Thomas  speaking with reporters, said the commission would this year, be closing on the implementation, adding that before he finishes his first tenure next year, the initiative would have been be in operation.

Thomas stated that NAICOM started the pilot scheme on risk-based capital last year, stressing that some companies have tasted what it means to have risk-based supervision environment.

He said: “It has been quite revealing about the operations of these institutions. We are taking it to a new level, risk-based capital. If you know the history of capital in this country, it has been an issue and we want to remove that.You can trade, for instance, as a motor third party insurance company, based on your capital.

“Then, if you want to trade in the highly volatile business environment of oil and gas, you also must provide the needed capital to run at that level. That is where we are going. The one cap fits all, will no longer be the case.

“This year, we will be closing on that and before I finish my first tenure, it will be operational. We are in partnership with the multilateral institutions in our quest to evolve this risk-based capital. Our staff members have gone through a lot of training in this area and it’s been quite helpful.’’

Thomas, who is optimistic of giant strides in the industry, said insurance  has continued to thrive since his appointment, stressing that as at that time, he was appointed a deputy commissioner by President Muhammadu Buhari in 2019, the market production was about N320 billion.

He said when he was appointed Acting Commissioner, the market production in terms of premium was about N520 billion. But by last year, the market recorded more than N730 billion.

Thomas said he was still not satisfied, because his target before he finishes his first term is N1 trillion.

“The total asset moved from about N1.3 trillion in 2018 to about N2.5 trillion in 2022. We are making progress but looking at our economy, these, to me, are small numbers. I will also say that our methodology is also changing. Inspection used to be compliance-based with a checklist. But now, the world has moved to risk-based supervision,” he said.

The President, Chartered Insurance Institute of Nigeria (CIIN), Mr. Edwin Igbiti, in an interview said the risk- based supervision was a welcome development.

Igbiti said the institute has  priotised ethics. “We must observe governance issues in the insurance industry because it is one of the measures that will project us and sustain us against the future. All insurance companies, in collaboration with our regulator, must ensure that the risk-based supervision comes into effect and by so doing check the clinical position of every company.

“This will prevent most companies against going down. If we keep on checking and in good time giving them a feedback as to how they are performing, I believe the companies will do much better.

“The future is that of risk-based supervision and whether we like it or not it has come to stay. Therefore, we will encourage our regulator to gear up to it and ensure it comes into effect.”

He also said this kind os supervision would help put in place a good succession plan in the companies.

“One of the things is that RBS will do is put a  structure in place for a succession plan. We need to plan for succession. This is because we are all growing and, so also, are companies.

“Those who will own the companies are also growing and, therefore, we must put a structure in place that will give room for that succession plan. This should be one of the metrics in which the companies will be judged when they embark on the risk-based supervision.”

He said capital is an item in the RBS, adding that they must develop the capacity to run the capital.

“Sometimes if you have excess capital, it gets dangerous even though we need money. You must burn out your capital and ensure you put the right business in place. Human capital is crucial and if you have the right head, the company will go places.

“On the other hand, if you have the wrong head, even if you have so much money, the company will go down if it is not well managed. So, this is one the criteria. We must be deliberate for our long-term sustainability. The risk-based supervision must come to pass,” he noted.

Highlighting the benefits of risk-based supervision, NAICOM’s Director, Supervision Directorate, Mr. Barineka Thompson said a transition to risk-based supervision in the industry would help to provide systematic assessment of insurers’ risks.

In a presentation on “Transition to risk-based supervision, he said: “The objectives include a supervision system that comes with international best practices, risk-focused supervision, helps to strengthen the risk management systems of insurers, and carry out preventive control.”

He gave the key benefits of the RBS as allowing the systematic assessment of insurers’ risks using a formalised framework at regular intervals; allowing the identification of insurers’ strengths and weaknesses and areas within insurers where difficulties or challenges exist; encouraging a strong risk management function in insurers.

Others, according to him, are promoting the cost-effective use of regulatory resources and allowing for the continuous monitoring, early warning indicators, prompt intervention and timely action.

Insurance brokers contributed 60 per cent of insurance business in the country in 2021, affirming the market as brokers’ dominated, the Director General, Nigerian Insurers Association (NIA), Mrs. Yetunde Ilori, has said.

She stated that of the 60 per cent, 80 per cent of it was for non-life insurance while the balance for life.

Ilori, who spoke at the Management Retreat of the Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers (NCRIB), in Lagos, noted that brokers in the Lagos’ market contributed 60 per cent of the business volume, underscoring the strategic importance of the brokers in the axis.

She said: “Though it is affirmed that these businesses come from Lagos, the NIA would soon go granular to determine whether the brokers that brought in the businesses were domiciled in Lagos or just have their branch offices there.

“The high volume of businesses coming from insurance brokers behooves on them the responsibility to be more creative and ingenious in adding more value to the insurance industry and, by so doing, increasing the penetration and acceptance of insurance by the populace.

“I urge other insurance operators to be dissatisfied with the status quo and think of doing things differently to record the required changes and progress required in the industry, which she noted, still operated below its optimum capability.”

Speaking on the theme “Leading for Change”, the Chief Executive Officer, Dapsaderk Consulting Limited, Mrs Adekunle Aderemi,  sought participanrts to imbibe transformational leadership to change the narrative of the  industry.

She averred that change management was a desirable skill for  managers and leaders of business  to cope with the changing dynamics of work and professions, stating that the industry required more dynamism by the leadership to meet the changing expectations of the people in risk management and insurance.

The Executive Secretary, NCRIB, Mr. Tope Adaramola, who spoke on “Effective Relationship Management”, noted that since professions and businesses are people-based, professionals must be deliberate in the art of people-management, as a way to excel in the changing world.

Adaramola advised professionals to prioritise on personal values, good ethics, effective communication and social relationships to break even in life and their various professions and avocations.

There has been high demand for individual life insurance cover as it represents 41.2 per cent of the premium generated in life business by the insurance industry in 2022.

Other life cover are annuity and group life insurance.

This was made known in the National Insurance Commission (NAICOM) Bulletin of the Insurance Market Performance in third quarter 2022.

The regulator, however, stated that the Non-Life segment sustained its market dominance at 58.4 per cent of the total premium generated.

According to NAICOM, the industry in the third quarter of last year, was a virtue of an excellent performance in the financial services sector as it generated N532.7 billion in gross premium income at a Year-on Year (YoY) growth rate of about 15 per cent during the period.

It noted that insights in the segment show oil and gas was the leading driver at 30.8 per cent with fire insurance following at 21.3 per cent, motor insurance stood at 14.6 per cent while marine and aviation, general accident and miscellaneous reported a share of 11.8 per cent, 11.2 per cent and 10.3 per cent respectively.

NAICOM maintained that life business on the other hand recorded 41.6 per cent of the market production as its share contribution gradually closes up.

The share of annuity in the life insurance business, it said lagged at about twenty six per cent (25.5 per cent) while individual life was at 41.2 per cent of the premium generated during the period.

It submitted that the insurance market indeed remained profitable during the period, recording an overall industry average of about 54.5 per cent, a noteworthy performance though lesser, compared to 46.7 per cent recorded in the corresponding period of preceding year.

The Non-Life segment, it said, stood at 43.5 per cent better than in the life business which reported a net loss ratio of 63.6 per cent during the period.

The sustained lower net loss ratios of the non-life which is relatively a short-term business, it noted, is good for the market as it could quickly register some good market image and confidence in the industry.

NAICOM posited that despite a rather good scenario of the market average, some three insurers gave rise to the reported net loss ratio of the period under review adding that those were underwriters with figures of a hundred per cent and above of net loss ratios.

The report read: “The market concentration as shaped by competition and other factors in the industry revealed a rather similar scenario compared to the second quarter of 2022, indicating that the market control setting has not significantly changed in the last three months. In the Life business segment, the least three companies recorded a proportional contribution of about 0.1 per cent same position compared to prior quarter while the top three Insurers contributed 49.3 per cent of all premiums generated during the period, just about four points increase compared to 45.4 per cent recorded in the previous period.

Similarly, the non-life business had a record of 0.2 per cent of its market share contributed by the least three of the underwriters, same as in the prior period of second quarter of the year while about 31 per cent of the non-life gross premium was contributed by its top three Insurers, up from about 27 per cent it recorded in the previous quarter,” it said.

NAICOM noted that comparatively, the top 10 underwriters in the non-life section of the industry underwrote about 64.2 per cent of the gross premiums income portraying an increased concentration risk from its position of 60.8 per cent recorded in the prior period.

“Nonetheless, at the least bottom of the market, are institutions under regulatory watch or facing various operational challenges as revealed over time. In the overall analysis, the market maintained a fairly balanced concentration, especially in the Non-Life section of the industry,” it stated.

It maintained that the industry recorded a total Asset of about N2.3 trillion, indicating a 9.0 per cent increase, YoY, adding that the industry balance sheet revealed about N1.1trillion in assets of non-life business while the life business stood at about N1.2 trillion.