Insurance Industry Grows Premium Income To N600bn In H1 2022
L – R: Former chairman, Nigerian Insurers Association (NIA) Mr. Tope Smart; immediate past chairman Mr Ganiyu Musa; newly elected chairman Mr. Olusegun Omosehin; Director General/CEO Mrs Yetunde Ilori and past chairman Mr. Oye Hassan-Odukale immediately after the election of Mr. Olusegun Omosehin as 25th chairman of Nigerian Insurers Association during its 51st Annual General Meeting in Lagos.
The Nigerian Insurance industry has grown its premium income to about N600 billion during the first half of 2022 ended June 30, 2022.
The outgoing Chairman of the Nigerian Insurers Association, Mr. Ganiyu Musa disclosed this at the pre-Annual General Meeting press conference in Lagos recently.
This, according to him, represents a moderate growth for the first half of 2022 from the reports submitted by some insurance companies.
Meanwhile, the NIA Chairman, in his statement contained in the Annual Report & Account 2021, presented to the industry players and stakeholders, at the AGM, stated that the volume of business written by member companies grew from N508 billion in 2020 to about N560 billion in 2021, representing an increase of 10 per cent.
Musa who is also the Group Managing Director, Cornerstone Insurance, said the Nigerian insurance industry was not insulated from developments in the general economic space and had its fair share of the challenges facing the larger financial market during the year under review.
“With epileptic power supply and an astronomic rise in the energy cost against the background of failing infrastructure, insurance companies had to contend with the increasing cost of operations. These and many other factors including the multiplicity of taxes contributed to affecting the bottom line of insurance companies.
“Notwithstanding these challenges, the insurance industry continues to perform its statutory role of financial intermediation and business restoration. The volume of business written by member companies grew from N508 billion in 2020 to about N560 billion in 2021, representing an increase of 10 per cent,” Mr Musa stated.
He said the Association in collaboration with the National Insurance Commission (NAICOM) embarked on various initiatives to deepen insurance penetration. These initiatives such as Financial Inclusion, Micro Insurance, the Association’s NIIP initiative and other strategic market development initiatives are expected to increase insurance uptake by the public.
During the year under review, Mr. Musa stated, that the Association engaged in several activities and initiatives to enhance the business of its members in line with its mandate. Some developments in the market over the past one year include
