Insurance companies’ gross written premium rose to N520bn as of the end of 2020, while their assets hit N2.02tn as the sector undergoes recapitalisation, NIKE POPOOLA reports
The National Insurance Commission also disclosed in its report on ‘Market Development Drives of NAICOM’ that as of the end of 2020, the sector generated a gross written premium of N520bn. Composite companies and reinsurance firms were asked to shore up from existing minimum paid-up capital of N5bn and N10bn to N9bn and N12bn by the end of December 2020 and to N18bn and N20bn respectively by the end of September 2021.
In December 2020, the House of Representatives asked NAICOM to suspend the December 31, 2020 deadline, while two legal actions in Abuja and Lagos, instituted against the regulator, were still pending in courts. While the second phase was still pending, some companies had also assured their shareholders of meeting the regulatory requirements.