• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Wednesday, September 20, 2023
  • Login
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Nigeria Insurance Operators Earn N490b In 2019

Nwanne Ikemefune by Nwanne Ikemefune
January 28, 2021
in Insurance
0 0
0
Nigeria Insurance Operators Earn N490b In 2019

Mr Tope Smart, NIA Chairman

0
SHARES
40
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The Nigeria insurance industry pushed further its performance in 2019, with a modest outcome of 15.55% as insurance operators earned a combined N490b premium income as against previous figures of N413bn.

The increase was against the backdrop of new and sustained challenges in the economy that pushed up the GDP marginally from 1.9% to 2.3%.

Growth in the economy where insurance could have earned premium income were remarkable in transport, oil and information and communication technology.

The agriculture sector that was inching up two years before 2019, took a hit from herdsmen with the reckless attack on farmers and communities.

The NIA chairman’s comment traditionally read by the out-going chairman in election year, captured the mood in the agriculture sector; “the agriculture sector was severely affected due to sporadic flooding and conflicts between herdsmen and local farmers.”

Another sector the insurance industry had expected to push up in performance but was not so was manufacturing. It did not pull-in premium as it should because, “manufacturing continues to suffer from lack of financing from the banks.”

However, the middle class a new and fairly sustained premium income pouch, put up a good signal “as household consumption remains key driver of growth in 2019, reinforcing its 11% contribution to real GDP growth in 2018.”

The happenings in the larger economy created a shot-put performance that dropped income. However, the insurance industry in conjunction with other stakeholders embarked on various initiatives. These are: financial inclusion, micro insurance, the insurance industry rebranding project, the associations USSD initiative and the Nigeria Insurance Industry Database platform. The later is for the sale of third part motor insurance coupled with other strategic efforts by the regulator, which Tope Smart, MD/CEO NEM insurance said, would “further deepen insurance penetration and encourage insurance uptake by the public.

Previous Post

Marine Module: NIA, Customs Achieve Techie Handshake

Next Post

WAICA Re Records $70M gwp

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace
Insurance

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year
Insurance

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works
Insurance

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Next Post
WAICA Re logo

WAICA Re Records $70M gwp

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

June 7, 2023
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Seeks NSE’s Nod To Conduct  Rights Issue

AIICO Seeks NSE’s Nod To Conduct Rights Issue

0
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

0
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

September 18, 2023
First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

September 18, 2023
Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

September 14, 2023
2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

September 14, 2023
AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

September 13, 2023
Insurance: Nigeria Rides The Waves In IFRS 17 Implementation In Africa

Insurance: Nigeria Rides The Waves In IFRS 17 Implementation In Africa

September 13, 2023
ADVERTISEMENT

Recent News

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

September 18, 2023
First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

September 18, 2023
Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

September 14, 2023
2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

September 14, 2023
AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

September 13, 2023
Insurance: Nigeria Rides The Waves In IFRS 17 Implementation In Africa

Insurance: Nigeria Rides The Waves In IFRS 17 Implementation In Africa

September 13, 2023
London Company Market Premium Reaches £44bn In 2022

London Company Market Premium Reaches £44bn In 2022

September 12, 2023
NLC, Pensioners Surround FG With Persisting Retirees Hiccups Want Integrated Improved Welfare

NLC, Pensioners Surround FG With Persisting Retirees Hiccups Want Integrated Improved Welfare

September 11, 2023
Smart Solutions, The Only Panacea For Insurance And Pension Upbeat, Stakeholders Insist

Smart Solutions, The Only Panacea For Insurance And Pension Upbeat, Stakeholders Insist

September 8, 2023
Data Model For political Violence Insurers Released

Data Model For political Violence Insurers Released

September 8, 2023
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In