The National Insurance Commission has released the unaudited performance of the insurance industry for 2021 producing gross premium income of N630.36bn.
This is a major lift up from the audited GPI posted for 2020 which closed at N514bn for that year. The regulator figure contained in a statement by the Head, Corporate Communication and Market Development, NAICOM, Rasaaq Salami, showed that the 2021 stats is slightly above the recent unaudited stats released by the Nigerian Insurers Association which pegged its at N508bn.
The net claims admitted for the period under review was N238.05bn. For the 2020 claims figure released by the NIA, it said its members claims obligation to policyholders was N224bn.
The industry warehouse of stats NAICOM, stated that the insurance market total assets for the just concluded year 2021 stood at N2.13tr.