Insurance Industry Reaps N2.8trn Premium Income In 5 Years

Speaking at the 2022 seminar for insurance journalists in Lagos, assistant director, Statistics department, NAICOM, Mr. Umar Baba, while speaking on this development, noted that, the Nigerian Insurance industry despite its relative size, has proven to be one of the most resilient and fastest growing sectors in the Nigerian economy

To him, “during the period, the rate of growth was put at 14.2 per cent for 2017, 14.5 per cent in 2018 and, 19.2 per cent, 1.2 per cent and 19.7 per cent for 2019. 2020 and 2021 respectively. It is apparent that the trend maintained a steady rise except in 2020 of which it took a v-shaped recovery thereafter, rebounded to about 20 per cent in 2021.

In 2022 however, he pointed out that, Fire Insurance and Life business recorded highest rates at the end of H1 period, Year-on-Year.

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