The volume of business written by Nigerian insurers in 2021 was N560bn, 10% up from the N508bn achieved in 2020.
The performance was presented to members of the Nigerian Insurers Association (NIA) at the concluded annual general meeting in Lagos by the immediate past chairman, Ganiyu Musa, held for the first time in the Insurers House, Victoria Island.
Musa said the performance was against the backdrop of challenging environment which insurers rode on and, ‘continues’ still “to perform its statutory role of financial intermediation and business restoration.”
Musa’s valedictory speech captured some of the persisting challenges: “Epileptic power supply and an autonomous rise in the energy cost against the background of failing infrastructure, insurance companies had to contend with increasing cost of operations. These and many other factors including the multiplicity of taxes, contributed to affect the bottom line of insurance companies.”