Wednesday, April 24Inside Business Africa

How insurers N43.62b premiums will boost investors’ confidence

The Nigerian insurance market has been faced with different challenges in its efforts to serve the needs of the relevant stakeholders.

As a result, by the National Insurance Commission (NAICOM), the industry regulator has, over time, devised different means in its aim to achieve economic growth and development this.

Currently, some operators are already aware that they may nit scale through the recapitalization hurdle, as a result of their poor financial statement in 2019, and huge unpaid claims.

However, a few had recorded high performance through their Gross Written Premium (GWP) in 2019, to ensure policyholders of their readiness for the recapitalisation.

Among them are: AXA Mansard Insurance, which pooled GWP of N43.62billion in 2019, up by 29 per cent from N33.92billion recorded in 2018, African Alliance Insurance Plc recorded a 45 per cent jump from N5.17billion in 2018 to N7.5billion, while Anchor Insurance grew its premium income to N5billion during the period in review 2019.

Allianz Nigeria Insurance Plc, had N7.82billion; Cornerstone Insurance Plc, N7.36billion; Sunu Assurance Plc, N7billion; VeritasKapital Assurance Plc, N6.93billion; and Wapic Insurance Plc, N6.69billion, respectively.

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