The National Insurance Commission has disclosed that the total assets of Nigeria’s insurance industry stood at N2.3 trillion at the end of the third quarter of 2022. This was contained in a report in ‘Statistics department quarterly synopsis of the insurance market third quarter, 2022’. The commission stated, “The industry recorded a total asset of […]Read More
The volume of gross claims paid out to insurance policyholders has recovered, hitting N174.8 billion in the first half of this year, H1’22. This is up by 7.7 percent against the N162.3 billion recorded in the preceding half, H2’21. This major indicator of soundness in the insurance sector had recorded a 6.9 percent decline from […]Read More
According to figures obtained from the National Bureau of Statistics on the country’s Gross Domestic Product, the Nigerian insurance sector grew by 15.68 per cent in the first quarter of the 2022 financial period. The statement said, “The finance and insurance sector consists of the two subsectors, financial institutions and insurance, which accounted for 89.12 […]Read More
Figures obtained from the National Bureau of Statistics have shown that the Nigerian insurance industry grew by 8.01 percent in 2021 when compared to a negative growth rate of 13.29 per cent in 2020. The NBS, in its Gross Domestic Product report for the fourth quarter of 2021, said the insurance industry also accounted for […]Read More
The National Insurance Commission has disclosed that insurance companies in Nigeria earned N630.36bn premium in 2021. The Head, Corporate Communications and Market Development,, Rassaq Salami, disclosed this in its unaudited result for 2021 saying that this was a rise from the audited figure of N514bn premium earned in 2020. NAICOM said the total asset of […]Read More
No fewer than 98 leading companies on the Nigerian Exchange Limited have recorded a combined turnover of N6.1 trillion in the first half of 2021. The companies’ H1’21 combined turnover was 17.57 percent more than the N5.2 trillion recorded in the same period in H1’20. According to their financial reports, they turned over to the […]Read More
No fewer than sixteen insurance companies have a total claims of 36.48 percent increase in the first half of this year. This is an increase to N67.12 billion from N49.18billion in the same period of 2020. An analysis of data collated from an unaudited financial statement showed that they paid policy holders N67.12bn in claims […]Read More
Latest data by the National Bureau of Statistics has shown that the insurance sector contracted by 2.08 percent in the first quarter of 2021. The figures, which were contained in its report on Gross Domestic Product for the first quarter, said the sector accounted for 12.45 per cent of the financial sector during the period […]Read More
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