Insurance

Insurance brokers generate N220.89bn premium for underwriters

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Chuks Udo Okonta

Insurance brokers generated N220.89 billion out of the N413.85 billion gross premium income recorded by underwriters in 2018, Inspenonline can report.

Data obtained from the 2018 Nigeria Insurance Digest, produced by the Nigerian Insurers Association (NIA), also revealed that the amount was 53.37 per cent of the gross premium income recorded by the insurance industry.

According to the NIA, insurance agents generated N107.83 billion, which was 26.05 per cent; direct sales brought in N29.01 billion, 7.01 per cent and bancassurance yielded N30.37 billion, 7.34 per cent.

Insurers also got N1.50 billion from e-channel, 0.36 per cent and N24.25 billion, 5.86 per cent, from other distribution channels.

The NIA said Non-life operators paid N29.33 billion as commission.

A breakdown of what each underwriting firm generated as gross premium to accumulate the aggregate of N413.85 billion, revealed that the top leading firms are, Leadway Assurance Limited, which posted N87.52 billion; AIICO Insurance Plc, N25.98 billion and FBNInsurance Limited, N23.03 billion.

On claims settlement, the top three firms are, Leadway Assurance Limited, which paid N57.93 billion; AIICO Insurance Plc, N28.55 billion and African Alliance Insurance Plc, N8.75 billion.

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