Nigerian Insurance Industry Premium rose by 15.55% in 2019

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CEM Report, Lagos
The volume of businesses underwritten by the insurance companies rose by 15.55 per cent to N490bn in 2019 as against N413.8bn recorded in 2018.

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

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

Notwithstanding the numerous challenges in the business environment, Smart said, the insurance industry continued to perform its role of financial intermediation and business restoration in line with its mandate.

He said 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.

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.

The NIA was formed in 1971 as an umbrella organization for all Insurance and reinsurance companies in Nigeria. It has, since then, offered its members a forum to greatly influence the insurance industry and contribute to government policies, its agencies and other parties, on matters affecting their business.

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