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Nigerian Insurers record N726.2bn premium growth in 2022 – NIA
Nigeria’s insurance sector experiences a tremendous increase in premium volume, with a staggering N726.2 billion in premiums collected in 2022.
Nigeria’s insurance sector experiences a tremendous increase in premium volume, with a staggering N726.2 billion in premiums collected in 2022.
The chairman, Mr Olusegun Omosehin, of the Nigerian Insurers Association (NIA), disclosed this impressive growth during its 52nd Annual General Meeting (AGM), which was held in Lagos yesterday.
When compared to the N569.1 billion in premium income reported in 2021, this amount represents a significant 33.9% rise.
Insurance Growth
Omosehin noted that despite the economic downtown in the country, Nigeria’s insurance industry continues to be an economic driver and safeguard of national assets, he added:
“As a subset of the national financial system, the insurance industry also had a fair dose of the general economic and socio-political problems bedevilling the country in the past year.
“Perennial power outages, herders and farmers conflicts, kidnapping, banditry poor infrastructural facilities, increasing poverty, galloping inflation, flooding, and other natural catastrophes.
“Also, geometric rise in the exchange rate of the business resulting in high cost of operations.
“Notwithstanding these challenges, insurance companies continue to discharge their obligations as financial intermediation and restorer of businesses in line with their mandate.”
Inclusive Financial Services
The NIA works closely with the National Insurance Commission (NAICOM) and other stakeholders in the financial services and technology sectors to promote the insurance industry, according to the Insurance Chief.
The collaboration, he continued, was aimed at boosting the sector’s share of the country’s Gross Domestic Product (GDP), which will result in higher insurance penetration and density.
He also highlighted that despite the association’s fervent efforts, the Consolidated Insurance Bill 2020 was not signed into law during the 9th Assembly.
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Omosehin also praised the Energy and Allied Insurance Pool of Nigeria (EAIPN), saying that it has made tremendous strides in enabling the purchase of local capacity and lowering premium flight in oil and gas underwriting.
The Nigerian Insurance Industry Database (NIID), a platform for NIA’s verification, and the Automatic Number Plate Recognition (ANPR) device of the Lagos State Vehicle Inspection Service (VIS) were used in the association’s joint project during the year under review, according to Mrs Yetunde Ilori, director-general of NIA. She urged that the project be made mandatory by existing laws.
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