Insurers post over N1.22trn gross premium income in 5 years


Chairman NIA, Eddie Efekoha

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Chuks Udo Okonta

Pay N348.54bn claims

Insurance operators posted over N1.22 trillion gross premium income between 2010 and 2014 and paid N348.35 billion on claims settlement.

The statistics was revealed in the Nigerian Insurers Association (NIA) annual report and accounts. According to the report, management expenses also stood at N294. 34 billion.

The breakdown of the figure showed that non life operators wrote gross premium income of over N863.69 billion, while life operators wrote N353.25 billion. The claims of non life operators stood at N 221.06 billion and management expenses N220.87 billion and life operators’ claims was N127.29 billion and management expenses N73.97 billion.

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