Insurance Industry Assets Now N2.02trn       Insurance companies’ gross written premium rose to N520bn as of the end of 2020, while their assets hit N2.02tn as the sector undergoes recapitalisation. The Nigerian insurance industry’s asset rose by N401bn to N2.02tn as of the end of 2020 from...

Naira Depreciation: Insurance Industry Capital Base Crashes To $1bn       Naira’s depreciation has taken a toll on the capital base of the insurance industry. The capital has dropped to $1 billion from $2.2 billion. This was contained in the Agusto & Co. 2021 Nigerian Insurance Industry Report:...

Reps Order NAICOM To Postpone Insurance Industry’s Recapitalisation Deadline       The House of Representatives has directed the National Insurance Commission (NAICOM) to suspend the December 31, 2020 deadline given to insurance and reinsurance firms to increase their minimum paid up capital. The House resolution followed a motion...

Insurance Industry’s Assets Rise To N1.61trn     The Nigerian insurance industry’s assets rose to N1.61tn at the end of the 2019 financial year from N1.26tn in 2018. The Central Bank of Nigeria disclosed this in its report, titled ‘Insurance sector (general and life) consolidated balance sheet’, obtained...

Insurance Industry Records N490bn Premium   The total businesses underwritten by the insurance companies rose by 15.55 per cent from N413.8bn as of the end of 2018 to N490bn as of the end of 2019 financial period. The Chairman, Nigerian Insurers Association, Mr Tope Smart, disclosed this...

NCRIB Boss Raises Alarm, Says Nigeria Insurance Industry Is Endangered   Insurance industry in Nigeria has been described as an endangered profession due to numerous challenges bedevilling the sector in the areas of changing global regulations and laws affecting. its operations. President, Nigerian Council of Registered Insurance...