Insurance Industry Premium Hits N630bn

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About 56 registered life and non-life insurance companies in the country posted a gross premium income of N630billion in their unaudited 2021 financial

Nevertheless, the report stated that, the industry remains resilient with various initiatives by insurers to improve retail product penetration and boost gross premium income.“Some of these initiatives include increased adoption of bancassurance to reduce the dependence on brokers and partnerships with Fintechs.

“With more people online, insurance companies can create targeted marketing campaigns aimed at re-orientating Nigerians to embrace insurance products,” it pointed out.

 

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