Nigeria’s Insurance industry records N490bn premium

The total businesses underwritten by the insurance companies rose by 15.55 per cent from N413.8bn as of the end of 2018 to N490bn as of the end of 2019 financial period.

The Chairman, Nigerian Insurers Association, Mr Tope Smart, disclosed this during the association’s virtual 49th annual general meeting in Lagos on Thursday.

He said, “The volume of business written by the market grew from N413.8bn in 2018 to about N490bn in 2019.Adding :“This represents an increase of 15.55 per cent over 2018 figure.”

Despite the challenges in the economy, he opined that the insurance industry continued to perform its role of financial intermediation and business restoration in line with its mandate.

The Chairman stated that the association expected that the various initiatives embarked on in conjunction with other stakeholders would further deepen insurance penetration and encourage insurance uptake by the public.

Also,the chairman mentioned the initiatives to include financial inclusion, micro-insurance, the insurance industry rebranding project, the association’s USSD initiative, and the Nigerian insurance industry platform for sale of third party motor insurance.