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Chuks Udo Okonta
Despite the huge challenges … This is a common phrase found in most financial reports of insurance companies, which is a pointer to how the harsh economy is impacting individuals and businesses, barring them from maximising the full benefits acruable from subscribing to insurance as a tool to mitigate risks.
Investigation conducted by Inspenonline revealed that for a period of three years, ranging from 2018 to 2020, premium generated from most regions of the country continued to drop.
Data obtained from the Nigerian Insurers Association (NIA) showed that in 2018, insurers generated N14.26 billion from South-East; it went down to N13.31 billion in 2019 and N9.62 billion in 2020.
In South-South, N39.17 billion was generated in 2018; it fell to N37.84 billion in 2019 and N33.49 billion in 2020.
In the North-West, insurers got N689,364 in 2018; N11.97 billion in 2019 and N9.7 billion in 2020, while in North-Central, they got N24.84 billion in 2018; N63.58 billion in 2019 and N52.57 billion in 2020.
The South- South remained the only region with continuous rise in premium, moving from N329.12 billion in 2018, N363.54 billion in 2019 and N402.32 billion in 2020.
Not deterred by the harsh economy, insurers have remained consistent in providing soccour for policyholders, through prompt claims settlement.
Insurers in 2018, paid N211.52 billion claims to policyholders that suffer losses and N182.35 billion in 2019 and N218.59 billion in 2020.
According to people interviewed, many of them claimed to be aware of benefits of insurance, but could not subscribe to it due to other pressing needs they have to channel the finance into.
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