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Chuks Udo Okonta
People living in Lagos State spent N55.52 billion in 2020 to insure their lives, Inspenonline can report.
Data obtained from the Nigerian Insurers Association (NIA) revealed that Lagosians spent N51.95 billion on group life insurance and N3.57 billion on individual life insurance.
Lagos State which has remained the leading light on insurance patronage, was followed by the Federal Capital Territory (FCT) as people living there spent N17.38 billion to insure their lives, while people in Rivers State spent N3.42 billion.
The data showed that people living in Yobe; Zamfara; Taraba; Nasarawa; Katsina and Jigawa States didn’t subscribed to individual life insurance, while those in Kebbi and Bauchi failed to have group life.
Insurance companies paid N2.93 billion claims on individual life insurance and N30.03 billion on group life in the year under review.
