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Chuks Udo Okonta
Insurance companies generated about N1.72 trillion gross premium in six years, Inspen can report.
According to the Nigerian Insurers Association (NIA) the premium was generated between 2011 and 2016. The association noted that between 2011 and 2015 life insurers posted N447.59 billion, while non life operators made N896.24 billion and both generated N380 billion in 2016.
The breakdown revealed that life operators made N54.55 in 2011; N69.97 billion, 2012; N80.42 billion, 2013; N108.58 billion, 2014 and N134.07 billion, 2015.
Non life operators posted N163.19 billion in 2011; N182.17 billion, 2012; N187.42, 2013; N184.97 billion, 2014 and N178.49 billion, 2015.
The Chairman of NIA, Eddie Efekoha, said the estimated volume of business underwritten by the insurance industry in 2016 was estimated at N380 billion as against N311 billion approximately underwritten in 2015, which was an increase of about 22.2 per cent.