Insurers pay brokers, agents N31.56bn commission

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Chuks Udo Okonta

Insurance companies paid N31.56 billion as commission to brokers and agents in 2015, Inspen can report.

According to a report obtained from the Nigerian Insurers Association (NIA), Non-Life operators paid N22.27 billion out of gross premium income of N178.49 billion and Life operators paid N9.29 billion out of gross premium income of N134.07 billion.

The report stated that Leadway Assurance paid the highest commission amounting to N1.87 billion, in the Non-Life business followed by NEM Insurance which paid N1.72 billion. Axa Mansard paid N1.34 billion; Custodian & Allied, N1.27 billion; AIICO General N1.13 billion and Zenith General N1.06 billion.

In the Life business, AIICO Insurance Company Limited, paid N1.80 billion and FBNInsurance paid N1.29 billion.

Underwriters have continued to rely on intermediaries to secure corporate businesses, especially brokers who control about 80 per cent of the insurance market.

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