Insurance Industry Grosses N630.36bn Premium Income In 2021
The Nigerian insurance industry has, in-spite of the effect of COVID-19, recorded a modest growth in 2021.
The industry’s unaudited reports made available to the Media by the Head, Corporate Communications and Market Development, National Insurance Commission (NAICOM), Rasaaq Salami today, showed that the industry recorded a total gross premium income (GPI) of N630,362.35 billion in the year ended December 31, 2021.
The amount is higher than N514 billion recorded in the same period of 2020.
During the period under review, the industry settled a net claim amounting to N238,030.49 billion, higher than N224 billion paid in 2020.
The industry’s total assets also increased to N2,137,203.39 trillion in 2021. This is slightly higher than N2.02 trillion recorded in 2020.
The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties to insurance contracts.
