‘Insurance companies earned N630bn, Pay N238bn in 2021’ – NAICOM

The 2021 unaudited Insurance Industry performance in Nigeria shows that insurance firms paid the sum of N238.05 billion as net claims in the fiscal year under review. The Head, Corporate Communications and Market Development, National Insurance Commission (NAICOM), Rassaq Salami, disclosed this in its unaudited result for 2021 on Monday.

According to the commission, this was a rise from the audited figure of N514bn premium earned in 2020.

NAICOM said the total asset of the underwriting companies was N2.14tn while net claims paid was N238.05bn in 2021.

According to the Nigerian Insurance Digest of the Nigerian Insurers Association, the life and non-life underwriters earned N316bn, N363bn and N413bn premiums in 2016, 2017 and 2018, respectively.

They also recorded a premium of N490bn in 2019.

Total policies written stood at 1,925,511, while the insurance penetration in 2020 was 0.72 per cent.

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