Nigeria’s insurance industry recorded a significant surge in premium volume, reaching N726.2 billion in 2022.
The Nigerian Insurers Association (NIA) disclosed this during its 52nd Annual General Meeting (AGM) held in Lagos, through its Chairman, Mr Olusegun Omosehin.
The figure marks a substantial 33.9 per cent increase compared to the N569.1bn premium income recorded in 2021.
Omosehin noted that despite the economic downtown in the country, Nigeria’s insurance industry continued to be an economic driver and safeguard of national assets.
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The insurance chief declared that NIA was working closely with the National Insurance Commission (NAICOM) and other stakeholders within the financial services and technology segments to promote the business of insurance.
He added that the collaboration was geared towards increasing the sector’s contribution to the national Gross Domestic Product (GDP), which would lead to an increase in insurance penetration and density.
