Insurance

Insurers post N471.8bn gross premium income in 2019

From left: Managing Director/Chief Executive Officer, Dr. Oladimeji Alo; President, Chartered Insurance Institute of Nigeria, Eddie Efekoha and Head, Head, Financial Institutions Ratings,Agusto&Co Nigeria, Ayokunle Olubunmi at the event.

* About 500,000 Nigerians embrace microinsurance

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Chuks Udo Okonta

Insurance companies posted about N471.8 billion Gross Premium Income (GPI) in 2019, Inspenonline can report.

The Head, Financial Institutions Ratings, Agusto&Co Nigeria, Ayokunle Olubunmi, said this, while speaking on ‘Microinsurance; Driving the Nigerian Insurance Industry into the Future and Beyond’ at the Chartered Insurance Institute of Nigeria (CIIN) 2020 Business Outlook yesterday in Lagos. He noted that 48 per cent of the premium income came from non-life business, 52 per cent from life business of which 16 per cent was from annuity.

Olubunmi posited that 73 per cent of the gross premium income came from corporate business, 12 per cent from retail and 15 per cent from public sector, adding that insurers got 83.6 per cent of the gross premium income from Lagos State; 6.6 per cent from Abuja and 2.4 per cent from Rivers.

He urged insurers to harness the enormous untapped opportunities in the microinsurance sector, stressing that about 500,000 Nigerians use microinsurance products.

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