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Chuks Udo Okonta
Insurance companies paid N1.64 billion claims to practitioners of commercial and subsidized agriculture that suffered losses in year 2020.
Data obtained from the Nigerian insurers Association (NIA) by Inspenonline, revealed that operators of commercial agriculture got N836.24 million claims while those in the subsidized business got N857.08 million, amounting to an aggregate of N1.64 billion.
It was also gathered that practitioners from Abuja got the largest claims amounting to N442.20 million, followed by those in Lagos with N253.27 million and Kogi, N120.86 million.
On premium generated, insurers pooled gross premium written of N7.46 billion from agric business, with Abuja contributing the highest which was N4.52 billion, followed by Lagos, N540.00 million and Zamfara, N348.91 million.
Chairman of NIA, Ganiyu Musa, said the industry’s Gross Premium Written (GPW) in 2020 stood at about N508 billion, while claims paid by member companies amounted to about N224 billion which was 44 per cent of the total industry premium.
