BY NKECHI NAECHE-ESEZOBOR–Insurance companies in Nigeria paid a total of N238,050.49billion as claims to the insuring public in 2021, BusinessToday has learnt.
According to unaudited statement released to BusinessToday Online by Rasaaq Salami, Head, Corporate Communications and Market Development, NAICOM, the industry claims rose by 6.27 percent from N224billion paid in 2020 to N238,050billion in 2021.
The industry gross Premium income also rose by 24.07 percent to N630,362 billion in 2021 when compared to N508billion reported in 2020.
Despite the difficult business environment, the Nigerian insurance industry’ total assets appreciated to N2,139,203.39 trillion.
Meanwhile, the Consolidated Insurance Bill 2020, is still receiving legislative attention in the National Assembly.
Chairman, NIA, Mr Ganiyu Musa, disclosed this recently in Lagos, the “The association is on top of developments on it. We are optimistic that the bill will be passed into law before long.
“We are happy to note that the Finance Act 2021 has been signed into law and this has resolved a major issue with regards to the definition of the components of minimum capital. The association is engaging the National Insurance Commission with a view to determining the next steps.”
Musa said the association would continue to complement the efforts of NAICOM in the campaign on the domestication of compulsory insurances in the states.
“It is our expectation that laws on compulsory insurance can be domesticated in other states just as Lagos State has done,” he said.
