Gross Premium Written, or GPW, increased by 10.24% in the Nigerian insurance sector from N508 billion in 2020 to N560 billion in 2021.
During the EndSARS protests, the industry paid N11.1 billion to insured individuals who experienced a variety of damages.
At the Nigeria Insurers Association’s Annual General Meeting in Lagos, Mr. Ganiyu Musa, Chairman of the NIA, revealed this information. He pointed out that the industry accomplished this despite the many difficulties it faced throughout the reviewed time.
One of NIA’s primary goals, he said, is to encourage members to act morally, which includes paying all legitimate claims. In light of this, the association adopted very keen interest in developments around the #EndSars protests in October 2020, especially as they relate to payment of claims for insured losses.
As of December 2021, our member companies have paid over N11.1 billion in claims to covered parties, which I am glad to share. The payments cover a number of insurance business classifications, including cash loss, vandalism, burglary attacks, and fire/burnt sites.
“During the year under review, the Nigerian insurance industry faced its fair share of the difficulties facing the broader financial market and was not immune to changes in the overall economy. Insurance businesses had to deal with rising operating costs due to an epileptic power supply and a skyrocketing energy cost on top of deteriorating infrastructure. The bottom line of insurance firms was impacted by these and numerous other things, such as the various taxes.
“The insurance industry nonetheless fulfills its statutory obligations of financial intermediation and business rehabilitation in spite of these obstacles. From N508 billion in 2020 to roughly N560 billion in 2021, the amount of business written by member businesses increased by 10%.
