The National Insurance Commission has revealed the total earnings of companies in the country to be N630.36bn premium in 2021. They also paid N238.05bn as claims.
The Head, Corporate Communications and Market Development, National Insurance Commission, Rasaaq Salami, disclosed this in the commission’s unaudited result for 2021.
The commission said the total gross premium income earned by the insurance companies in 2020 was N520bn.
The total asset of the underwriting companies in 2021 was N2.14tn while net claims paid was N238.05bn.
The life and non-life underwriters earned N316bn, N363bn and N413bn premiums in 2016, 2017 and 2018, according to the Nigerian Insurance Digest report of the Nigerian Insurers Association.
They also recorded a premium of N490bn in 2019.
As of the end of 2020, policies held by individual Nigerians stood at 1,034,383, while corporate and non-individual policies were put at 891,128.
