The National Insurance Commission (NAICOM) on Monday said insurance companies in Nigeria earned N630.36 billion premium in 2021.
This was disclosed by the spokesperson of the commission, Rassaq Salami, in its unaudited result for 2021 on Monday.
The commission said this was a rise from the audited figure of N514bn premium earned in 2020.
NAICOM said the total asset of the underwriting companies was N2.14tn while net claims paid was N238.05bn in 2021.
According to Nigerian Insurance Digest of the Nigerian Insurers Association, the life and non-life underwriters earned N316bn, N363bn and N413bn premiums in 2016, 2017 and 2018, respectively.
They also recorded a premium of N490bn in 2019.
As of the end of 2020, policies held by individual Nigerians stood at 1,034,383, while corporate and non-individual policies were put at 891,128.
Total policies written stood at 1,925,511, while the insurance penetration in 2020 was 0.72 percent.
