Leave a comment and share
Chuks Udo Okonta
Of the insurance industry’s N508.44 billion total gross premium written in 2020, N388.03 billion was generated from Lagos state, Inspenonline reports.
Data obtained from the Nigerian Insurers Association (NIA) annual publication, Nigeria Insurance Digest 2020, revealed that while Lagos State provided the highest premium for the sector, Yobe State gave the lowest amounting to N17.78 million.
According to the NIA, the Federal Capital Territory (FCT) came second with N48.08 billion followed by Rivers State with N21.98 billion.
Oyo State provided N7.83 billion, Delta State, N5.23 billion, Kaduna State, N5.17 billion and Edo state N4.16 billion.
In terms of claims, Lagos got, N177.54 billion, FCT, N17.36 billion and Rivers, N6.52 billion.
A breakdown of gross premium written contributions by region in the country, South West provided N402.32 billion; North Central N52.57 billion; South South, N33.49 billion; North West N9.71 billion, South East N9.62 billion and North East N721.72 million.
On claims, South West got N182.94 billion, North Central N18.78 billion; South South N10.21 billion; South East N4.10 billion; North West N3.17 billion and North East N374.79 million.
Chairman of NIA, Ganiyu Musa, said despite the huge challenges in year 2020, the industry witnessed growth in its premium written as figures rose marginally by N3.6 percent from N490.8 billion to N508.4 billion.
