Insurance Industry Records N97 Billion Gross Premium in First Quarter

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Nigeria’s Insurance Industry Posts N97 Billion Gross Premium in First Quarter

The Nigerian insurance industry has recorded gross premium of N97.017 billion in the first quarter of 2015, compared to the N302.105 billion recorded in the whole of 2014.

This figure indicates a growth of about 28 per cent considering the average N75.5 billion quarterly premium recorded in 2014.

According to the industry operators, the first quarter 2015 result recorded such growth despite the market lull suffered by the industry during the period as a result of various political activities that prevailed that eroded public confidence and patronage of the various sectors of the economy.

The Commissioner for Insurance, Fola Daniel, who spoke on the industry’s potential at the 2015 seminar for insurance correspondents held in Ilorin, Kwara State, expressed satisfaction at popularity gained by the industry in recent times.

He observed that the Nigerian insurance industry was becoming so popular not only in Nigeria but across Africa that it has occupied the second position in Africa from the fifth position it occupied between 2012 and 2013.

In addition, operators said they are optimistic that given the performance, the industry’s premium at the end of the year will double 2014 figure.

 

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