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Insurers Record N630bn Gross Premium Income, 2021

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4 years ago

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By LOVETH AZODO, Lagos

The Insurance industry recorded an unaudited Gross Premium Income (GPI) of N630,362.35 billion in 2021 as against N514 billion in 2020.

The Head, Corporate Communications and Market Development, NAICOM, Rasaaq Salami who made the disclosure revealed that the industry paid the sum of N238.05bn as insurance claim in the 2021 fiscal period.

Also, he noted that the insurance industry paid the sum of N238.05bn as insurance claim in 2021.

The figure was released on Monday by the Head, Corporate Communications and Market Development, NAICOM, Rasaaq Salami.

The Nigerian insurance industry’s asset rose from N2.02trn in 2020 to N2.13tn in 2021.

According to Salami, the figures were derived from the quarterly reports submitted by the operators in 2021.

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