Insurance Industry’s Gross Premium Hits N315bn in Q3

• Insurance Industry’s Gross Premium Hits N315bn in Q3

Nigeria’s insurance industry’s gross premium rose by 22 per cent to N315bn in the third quarter of 2018, from N258bn in the corresponding period of 2017.

The Commissioner for Insurance, Alhaji Mohammed Kari, who disclosed this, said the gross claim’s figure rose by 30 per cent to N143bn in the period under review from over the N110bn reported for the same period in 2017.

The commissioner anticipated a significant rise in the final figures for 2018.

He said, “The outlook may not be as rosy as we all would have liked but NAICOM sees the silver lining and is fully committed to making the most of it. We have set for ourselves a clear, unambiguous task: to improve the aggregate numbers by enabling individual operators to optimally serve a much larger customer pool with a more varied basket of products. The endgame for us is to increase the insurance uptake ratio among the Nigerian populace and we have a number of initiatives in place towards achieving this.”

While speaking on financial inclusion, he said it was one of the tools it envisaged to help improve market penetration.