LAGOS – A report from the Nigerian Insurers Association (NIA) has revealed that the South West region of Nigeria has the highest insurance premium with N329.12billion.
The report indicated that insurance companies generated a total of N413.85billion total premium in the past business year.
A breakdown, according to NIA, said that operators got the largest premium amounting to N196.56 billion from policyholders in Lagos State, which was followed by Abuja, which provided N15.53 billion premium and Rivers, N5.53 billion.
The association noted that cumulative gross premium written, showed that South West yielded N329.12 billion premium; North Central, N39.17 billion; South South, N24.84 billion; North West, N14.26 billion; South East, N5.76 billion and North East N689.36 million.
On claims paid by the operators, South West got N171.29 billion out of the total N211.52 billion paid in the year. North Central got N19.93 billion; South South, N12.97 billion; North West, N4.73 billion; South East, N2.54 billion and North East, N52.91 million.
The NIA stated that the industry grew at a faster pace than the economy, though penetration remains very low.
Insurance penetration in Nigeria is still at it lowest ebb with unaltered 0.31per cent over the years.
The reason, according to analysts, being over concentration of the business by the operators majorly, in the urban centers.
To curb the low penetration tide in the sector, National Insurance Commission (NAICOM) has introduced some product, micrinsurance and takaful to enhance grassroots penetration through retail space.
Source: https://www.independent.ng
No comments:
Post a Comment