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Insurers’ assets hit N3.3trn as premium income rises by 51%

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By Francesca Hangeior.

 

Despite the harsh operating business environment in the economy, insurance companies were able to grow their total assets by 36.9 per cent year-on-year, YoY, to N3.3 trillion in Q1’24 from N2.4 trillion in the corresponding period of Q1’23.

The National Insurance Commission, NAICOM, disclosed this in its first quarter Q1’24 report of the insurance sector.

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According to the report, total assets of non-life business stood at N1.9 trillion while total assets of life business stood at N1.4 trillion.

According to NAICOM, the insurance industry sustained positive performance and market deepening capacity indicating its ability to adapt and grow despite the prevailing macroeconomic challenges.

Further analysis of the report show that industry gross premium income increased by 51 per cent to N470.7 billion in Q1’24 from N311.5 billion recorded in Q1’23.

According to NAICOM, the impressive increase is attributable to the regulatory measures and market dynamics.

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Further analysis of the report show that the non-life segment led the market as it generated premium income of N326.9 billion indicating 69.5 per cent contribution of the total premium pool while the life segment generated N144.9 billion representing 30.5 per cent of the total premium during the period.

On claims payment, claims paid increased by 71.8 per cent to N149.1 billion in Q1’24 from N86.8 billion recorded in Q1’23.

According to NAICOM, the growth in claims payment is a reflection of increased public enlightenment and growing confidence of stakeholders concerning claims settlement.

“This is a win-win situation for insurers, policyholders and society at large as stakeholder confidence remains a major determinant of market deepening and sustainability in the long run.”

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Woman Accused Of K!lling Her Two Ex-husbands Hours Apart

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Prosecutors in Florida, United States, are seeking the d3ath penalty against a woman accused of k!lling both of her ex-husbands on the same day.

Susan Avalon faces charges in the December 17, 2025 k!llings of Timothy Fletcher in Tampa and David Scott in Bradenton, according to authorities.

The Hillsborough County State Attorney’s Office said it will pursue the d3ath penalty in the case tied to Fletcher’s d3ath.

The investigators said the case began when Manatee County deputies responded to Scott’s shooting and alerted Tampa police.

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Scott was still alive when officers arrived and told them the shooter could have been his ex-wife, authorities said.

Witnesses reported hearing gunshots and seeing a vehicle leave the scene. Investigators later located Avalon in Citrus County.

When questioned about her ex-husband, Avalon allegedly responded, “Which one?” according to authorities.

That response led investigators to request a welfare check on Fletcher, who was found fatally shot at his home in Tampa.

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Authorities allege Avalon k!lled Fletcher before traveling to Bradenton and shooting Scott.

Avalon is charged with first-degree premeditated m8rder in Fletcher’s death and two counts of second-degree m8rder in Scott’s k!lling.

She has pleaded not guilty.

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Wike Appoints Musa Idris As Senior Special Assistant On Procurement

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The Minister of the Federal Capital Territory (FCT), Nyesom Wike has appointed Alhaji Onsachi Musa ldris, as the Senior Special Assistant on Procurement.

Idris, who became the Director, Federal Capital Territory Administration’s Procurement in July 2021, retired from the civil service today, April 24, 2026.

A statement on Friday, by the Minister’s Senior Special Assistant on Public Communications and Social Media, Lere Olayinka, described Idris as a seasoned public servant with over 30 years of experience in administration, finance, and public sector procurement management.

He rose to the position of Director, Common Services (Procurement) in August 2019 and was later redeployed to the Department of Procurement as Director FCT Procurement in July 2021, where he played critical roles in overseeing procurement processes and ensuring compliance with
regulatory standards.

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Over the years, Idris has gained extensive experience across key administrative and Procurement functions, contributing to institutional efficiency and service delivery.

The appointment takes immediate effect.

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FCT Residents Hail President Tinubu Over Construction Of Satellite Towns Roads

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Residents of Kubwa in the Federal Capital Territory (FCT) have commended President Bola Ahmed Tinubu over the construction of roads, especially in the satellite towns by the Federal Capital Territory Administration, under the FCT Minister, Nyesom Wike.

One of the residents, Prosper Onyenaucheya, who spoke during the minister’s inspection of the ongoing construction of Kubwa-Gbazango road, otherwise called Arab Road on Friday, praised the Federal Capital Territory Administration under the leadership of Wike, for prioritizing projects that directly impact communities.

During the inspection, Wike expressed satisfaction with the pace and quality of work on the road projects, which include Karu township roads, Apo-Karshi road and Kubwa – Gbazango road, otherwise called Arab Road, noting that many of them will be commissioned during the third anniversary of President Tinubu’s administration.

The Minister also reaffirmed the FCT Administration’s commitment to opening more roads across the FCT and making Abuja cleaner and more organized through sustained infrastructural development and urban renewal.

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Addressing the FCT Minister in Kubwa during the inspection, Prosper Onyenaucheya said; “You are doing a very wonderful work and the work is going fast.

“We want to thank you for the speed of the light with which the work has been going on here. Thank you very much Mr Project. We have felt your presence.

“The truth is that you have helped to promote the scorecards of our President. You are doing well. I know that Nigerians will miss this administration because of your work.”

Fielding questions from journalists after the inspection, Wike assured that the Karu township roads will be among the projects to be inaugurated as part of the third anniversary of the President.

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He also commended Abdul Val Nigeria Ltd, the contractor handling the Karu Road, stretching from Karu Interchange to Customs Clinic Junction, saying; “You can see that the job is going on well. What impressed me so much is that it is being handled by a local contractor, and you can see the quality of work being done there.

“The contractor has demonstrated that if they are given the opportunity, our local contractors can also complete with the foreign ones.”

On the Kubwa – Gbazango road, the minister said with the assurance being given by the contractor, the road will also be among those to be commissioned in June, this year.

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