Insurance

Brokers, agents get N44.16bn insurance commission

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Chairman NIA, Eddie Efekoha

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Chuks Udo Okonta

Insurance brokers and agents received N44.16 billion commission from underwriters in 2014, Inspen reports.

The amount was stated in the Nigeria Insurance Digest 2014, published by the Nigerian Insurers Association (NIA). According to the digest, Non life operators paid N23.78 billion out of N184.97 gross premium written in the year, while Life operators paid N10.38 billion out of N108.58 gross premium.

The report stated that Life operators led the pack, with AIICO Insurance Company Limited paying the highest commission, amounting to N2.27 billion, out of N24.29 billion gross premium, followed by Niger Insurance Plc, N1.83 billion, N8.65 billion gross premium.

In the Non life category, NEM Insurance plc led with N1.62 billion (N11.35 billion GP), followed by Custodian & Allied Insurance Plc, N 1.57 billion (N3.75 billion GP) and Leadway Assurance Company Limited, N1.56 billion (N3.77 billion GP).

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