Nigerian Insurance Industry Records N560 Billion Written Premium

For the 2021 financial period, Nigerian insurance industry has generated N560 billion from businesses written premium.

Ganiyu Musa, the outgoing Chairman, Nigerian Insurers Association, made this known during its 51st annual general meeting in Lagos on Thursday.

At the meeting, the new executives were announced and the Managing Director/ Chief Executive Officer, Old Mutual Nigeria Life Insurance Company Limited, Olusegun Omosehin, emerged the new chairman of NIA.

He said, “Notwithstanding these challenges, the insurance industry continues to perform its statutory role of financial intermediation and business restoration.

“The volume of business written by member companies grew from N508 billion in 2020 to about N560 billion in 2021, representing an increase of 10 per cent.”

According to Musa, the association, in collaboration with the National Insurance Commission, had embarked on various initiatives to deepen insurance penetration, such as financial inclusion, micro insurance, the association’s NIIP initiative and other strategic market development initiatives.