Insurance

Insurers generate N888,000 gross premium from Zamfara, as business remains low across most northern states

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Chuks Udo Okonta

Insurance operators generated just N888,000 gross premium from Zamfara State in 2019, Inspenonline can report.

Data obtained from the Nigeria Insurance Digest 2019, published by the Nigerian Insurers Association (NIA) revealed that underwriting business across most northern states remained low.

The digest stated that insurers generated N2.45 million gross premium from Taraba; M3.42 million from Yobe; N12.69 million from Jigawa; N30.33 million from Katsina; N73.10 million from Borno and N82.90 million from Adamawa.

Bauchi produced N97.89 million; Gombe, N286.43 million; Sokoto, N622.86 million; Niger, N954.15 million; Nasarawa, N1.03 billion; Kano, N3.39 billion and Kaduna, N7.78 billion.

According to the NIA, Lagos State led in gross premium production with N343.68 billion, followed by Abuja, which produced N50.52 billion; Rivers, N20.13 billion and Oyo, N10.33 billion.

The NIA maintained that the industry’s total gross premium stood at N490.80 billion; net premium written, N341.1 billion; total underwriting profit, N336 billion; profit before tax, N48 billion; profit after tax, N42.6 billion; gross claims paid, N185.9 billion and gross claims incurred, N182.3 billion.

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