Insurance brokers, agents earn N54.11bn Commission

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Chuks Udo Okonta

Insurance brokers, agents and other intermediaries earned N54.11 billion commission from underwriters in 2019, Inspenonline can report.

Data obtained from Nigerian Insurers Association (NIA) revealed that non life insurance firms paid N35.09 billion commission to the intermediaries, while life operators paid N19.02 billion.

It was gathered that FBInsurance Limited paid the highest commission amounting to N5.20 billion, followed by AIICO Insurance Plc., N5.04 billion.

Leadway Assurance Limited, paid N5.01 billion; NEM Insurance Plc., paid N3.11 billion and Coronation Insurance Plc., paid N3.11 billion.

NIA noted that insurance brokers generated N257.28 billion out of the N490. 80 billion gross premium income recorded by underwriters in 2019.

It posited that brokers who are major players in the insurance distribution channel, controlled 52 per cent of the insurance market.

The NIA, stated that the brokers were followed by insurance agents, who generated N166.20 billion, which was 34 per cent of the cumulative gross premium recorded in the year.

Direct sales yielded N47.24 billion, 10 per cent; bancassurance channel provided N4.20 billion; e-channel, N2.32 billion, 0 per cent and underwriters got M3.06 billion from other channels.

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