Insurance companies earned N630bn in 2021— NAICOM

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The insurance companies in Nigeria earned N630.36 billion premium in 2021.

The Head, Corporate Communications and Market Development, National Insurance Commission, Rassaq Salami, disclosed this in its unaudited result for 2021 on Monday.

According to the commission, this was a rise from the audited figure of N514 billion premium earned in 2020.

NAICOM said the total asset of the underwriting companies was N2.14 trillion while net claims paid was N238.05 billion in 2021.

According to Nigerian Insurance Digest of the Nigerian Insurers Association, the life and non-life underwriters earned N316 billion, N363 billion and N413bn premiums in 2016, 2017 and 2018, respectively.

They also recorded a premium of N490 billion in 2019.

As of the end of 2020, policies held by individual Nigerians stood at 1,034,383, while corporate and non-individual policies were put at 891,128.

Total policies written stood at 1,925,511, while the insurance penetration in 2020 was 0.72 per cent.