By Joyce Babayeju
Unaudited Gross Premium Income, GPI, for the insurance industry has increased by 22.6 per cent to N630.4 billion in 2021 from the audited N514 billion recorded in 2020.
A report released yesterday by the National Insurance Commission, NAICOM, also disclosed that the industry paid net claims of N238.1 billion in 2021 while total assets was N2.1 trillion.
While NAICOM did not give the 2020 figures for net claims paid and total assets, the Nigerian Insurers Association, NIA, had earlier disclosed that claims paid in 2020 stood at N224 billion, which represents a 6.3 per cent increase from the figure provided by NAICOM.
Speaking at a media briefing recently, Chairman of NIA, Mr. Ganiu Musa, noted the insurance industry has so far paid over N11billion claims to all the insured that suffered losses from the Endsars riots in 2020.
Musa noted that the industry claims payment on Endsars might get to the tune of N20 billion.
According to a report released by NIA recently, insurance companies settled claims on 718 cases of vandalisation; 93 cases of looting; 113 cases of theft; and 136 cases of loss of cash. Also 99 claims were settled on malicious damage; eight on business interruptions; 455 on burglary attacks; and 912 on fire and burnt sites.
