By Henry Uche

While taking stock of the performance of insurance sector of the economy, the head of Corporate Communications & marketing development  of the National Insurance Commission (NAICOM), Rasaaq Salami, has revealed that a total of N630billion was the Gross Written Premium for the year ending 2021, as against audited N514 billion recorded in 2020, while its  Gross Premium Income (GPI) for the  industry under (Public Building Liability Insurance Uptake) stood at N9,109,531,119.56, in in the same year under review. Meanwhile, the industry has projected to grow annual insurance premium to N6tr by the year 2030 from the present level. He made this known while making a remark to Journalists recently in Uyo.

Salami affirmed that a total of 1,334,855 Policies were held by individual Nigerians, more so, a total of 1,150,908 of corporate and non- individual policies were recorded which translates to a total of 2,485,763 policies written.

On industry performance, he added that N508.23bn, N514.58bn and N630.36bn were recorded in 2019, 2020 and 2021 respectively. Further, the GPI increase were 19.24% in 2019, 1.25% in 2020 and 23% in 2021.

On public building liability insurance uptake he posited that the total number of policies across the federation in 2021 was 8,246(with Lagos having 5,007; Oyo State having 445; FCT 346; Kano 344; Rivers 340 among others. He added that the sector’s assets witnessed massive growth reaching N2.14 trillion within the past six years.

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He affirmed that the industry also paid net claims of N238.05 billion in 2021 with sector’s total assets hitting N2.139 trillion.

With the remarkable performance, the commission called on Nigerians to report any underwriting Company that fails to pay genuine claims to policyholders promptly, noting that more sensitisation for more Nigerians to take up Insurance Policies is needed.

Meanwhile, reent data released by the umbrella body of insurance underwriters, the Nigeria Insurers Association (NIA) showed that in the past five years, the insurance sector has grown it’s assets by N1.17 trillion. The NIA data revealed that the sector successfully grew it’s total assets to N2.14 trillion in 2021.

According  to the umbrella body of insurance underwriters, underwriters’ total assets between 2016 to 2021 rose from N974.09 billion in 2016 to N2.14 trillion in 2021, showing an increase of N1.17 trillion.