Motor Insurance: Abuja Generates N4,510,230,476 Premium Out Of N4,838,951,848 In Central North

By LOVETH AZODO, Lagos

The Federal Capital Territory (FCT) Abuja generated N4,510,230,476 Premium, being a large chunk of motor insurance gross premium generated in the entire central north region of the country in 2018.

Abuja motorists alone, generated a whopping N4,510,230,476 out of N4,838,951,848 generated in the central north region.

In a document sourced from the Nigeria Insurers Association (NIA) shows that Plateau state came second, providing N180,170,033 followed by Kwara state which provided N107,628,847.
Other states provided less than N100 million

In South West Region, Lagos motorists provided N27,215,215,263 out of N29,423,516,094 gross premium generated in the year under review.

Oyo provided N1,190,615,679 while other south west states provided less than N1bn.

In North West Region none of the state provided up to N1bn, Zamfara which took the lead amongst other states in the region provided N142,356,307, while Kebbi had the lowest of N7,500.

Bauchi lead in North East , provided N14,208,854 while insurers got zero premium from three states in the same region. The states are Gombe, Taraba and Yobe.

South East as a whole couldn’t provide up to 1bn premium in motor insurance business as motorists in the region provided a gross premium of N860,585,515.

Gross premium recorded by insurers on the motor insurance business from the South West region sum up to N29,423,516,094, out of the recorded figure Lagos provided 27,215215,263 while Oyo state provided N1,190,615,679. Other states in the region provided less than N1b

In South South region, despite its richness in oil which seems the country’s biggest assest, only Rivers State provided up to 1,968,827,388 while other states in the region provided less than N1b.

According to the statistics, the industry recorded a gross premium of N39,792,940,334 from motor insurance business.

Lagos State, Abuja and Oyo state lead in the motor business with N27,215,216,163, N4,510,230,476 and N1,968,827,388 respectively.

However, this means that Lagos State leads the nearest rival by N22,704,985,687 premium income.