Market share of insurance firms

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Chuks Udo Okonta

Twenty nine insurance companies need to redouble their efforts to enable them have a sizable share in the underwriting market, Inspenonline can report.

According to data obtained from the Nigerian Insurers Association (NIA) which detailed the positions of underwriting firms as at year 2018, these firms possess less than one per cent of the insurance industry market share.

Giving a breakdown of the industry’s market share, the NIA said Prudential Zenith Insurance Life Insurance Limited, has 0.92 per cent; Sterling Assurance Nigeria Limited, 0.91 per cent; Regency Alliance Insurance Plc, 0.82 per cent; Capital Express Assurance Limited, 0.82 per cent Veritaskapital Assurance Plc, 0.78 per cent.

Others are, Saham Unitrust Insurance Nigeria Limited, 0.77 per cent; Royal Exchange Prudential Life Plc, 0.93 per cent; Sunu Assurance Plc, 0.61 per cent; KBL Insurance Limited 0.41 per cent.

Companies such as Industrial and General Insurance Plc; Old Mutual Nigeria Life Assurance Company Limited; Metropolitan Life Insurance Nigeria Limited and more fall within the same category.

The NIA said Leadway Assurance Limited possesses the largest share of the market having 21.18 per cent. AIICO insurance Plc, follows with 8.95 per cent; FBNInsurance Limited, has 6.23 per cent; Custodian & Allied Insurance limited, 5.76 per cent and Axa Mansard Insurance Plc, 5.57 per cent.

NEM Insurance Plc, has 3.64 per cent; Custodian Life Assurance Limited, 3.31 per cent; Zenith General Insurance Limited, 2.65 per cent; Royal Exchange General Insurance Company Limited, 2.59 per cent; Sovereign Trust Insurance Plc, 2.54 per cent and Cornerstone Insurance Plc, 2.54 per cent.

Wapic Insurance Plc, has 2.51 per cent; LASACO Assurance Plc, 2.18 per cent; Mutual Benefits Assurance Plc, 1.94 per cent; NSIA Insurance Limited, 1.67 per cent; Consolidated Hallmark Insurance Plc, 1.64 per cent; Linkage Assurance, 1.30 per cent; African Alliance Insurance Plc, 1.25 per cent; Niger Insurance Plc, 1.23 per cent and FBN General Insurance Limited, 1.12 per cent.

The association maintained that the insurance sector has continued to grow, in spite that penetration remains low. It added that stakeholders have also continued to intensify effort at improving penetration and creating the needed awareness toward achieving financial inclusion.

A shareholder who spoke with Inspenonline, applauded the NIA for publishing the market share, which he said enable investors to know the position of their firms and their performance.

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