Insurance

Insurers generate N10,000 premium on third party motor policy from Ebonyi, Kogi State

Naira

* No premium from Taraba, Kastina, Kebbi, four other states

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Chuks Udo Okonta

With millions of vehicles plying different roads across states in the country, insurance firms only generated N10,000 premium on third party motor policy from Ebonyi State and similar amount from Kogi State in 2020.

Investigation by Inspenonline also revealed that there is no third party premium from seven states. The states are: Katsina; Borno; Taraba; Yobe; Nasarawa; Jigawa and Kebbi.

Data obtained from the Nigerian Insurers Association (NIA) which portrayed the gross premium written on third party insurance business across the states, revealed that insurance firms got N80,000 from Adamawa State; N33,000 from Bauchi; N434,000, Gombe and N526,500 from Abuja.

Benue State produced, N275,000; Kwara, N22.74 million; Niger, N2.32 million; Plateau, N42.25 Millon; Kaduna, N103.82 million; Kano, N81.39 million; Sokoto, N5.21 million and Zamfara, N120,000.

Others are; Akwa Ibom, N23.9 million; Bayelsa, N8.18 million; Cross River, N42.35 million; Delta, N57.59 million; Edo, N39.02 million; Rivers, N194.57 million; Abia, N6.42 million; Anambra; N15.29 million; Enugu; N19.69 million and Imo, N518,000.

The operators got N18.27 million from Ekiti; N5.02 billion from Lagos; N60.22 million, Ogun; N41.66 million, Ondo; N65.95 million, Osun and N229.64 million from Oyo.

Commissioner for Insurance, Sunday Thomas, whilst speaking on issues in the insurance industry recently at an event in Lagos, said the challenge of low insurance penetration doesn’t emanate from the demand of insurance, but the supply, stating that insurance presence and awareness in the country is very low.

He submitted that many people across the states, included the educated are still ignorant on the working of insurance.

Thomas, tasked Insurance Practitioners to do more in educating the public, adding that insurance remains one of the foundations on which the nation stands.

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