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News Update

Insurance sector boasts N726.2b premium in 2022


11:13 am July 5, 2023

TThe volume of premium delivered by insurance companies in 2022 has risen to about N726.2b, Nigerian Insurers Association (NIA) has said. Chairman, NIA, Olusegun Omosehin, who disclosed this during the association’s yearly general meeting in Lagos, said that the figure recorded represents an increase of 33.9 per cent over the premium income of N569.1 billion recorded in 2021.

He said that despite the economic downtown in the country, the insurance industry continues to take its place in the economic space as the economic driver, restorer of businesses and a dependable safeguard of national assets.

“As a subset of the national financial system, the insurance industry also had a fair dose of the general economic and socio-political problems bedeviling the country in the past one year. “Some of these include perennial power outages, herders and farmers conflicts, kidnapping, banditry, poor infrastructural facilities, increasing poverty, galloping inflation, flooding and other natural catastrophes,” Omosehin noted.

According to him, the association is working closely with the National Insurance Commission (NAICOM) and other stakeholders within the financial services and technology segments to promote the business of insurance.

Director-General, NIA, Mrs. Yetunde Ilori, said that in the course of the year under review, the association collaborated on a joint project with the Lagos State Vehicle Inspection Service (VIS)

Ilori said the collaboration is on enforcement and validation of genuine compulsory motor third party insurance. She said that this was made mandatory by extant laws through the Automatic Number Plate Recognition (ANPR) device of VIS and the Nigerian Insurance Industry Database (NIID), verification platform of NIA.

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