From Uche Usim, Abuja
The National Insurance Commission (NAICOM) on Monday released the unaudited industry performance statistics of 2021, which shows that total assets, as at December 31, stood at N2,139,203.39 trillion.
According to the data released by Rasaaq Salami, the Head, Corporate Communications and Market Development of the Commission, insurance companies raked in a Gross Premium Income (GPI) of N630,362.35 billion, while they paid N238,050.49 billion as net claims in the year under review.
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NAICOM said the audited GPI for 2020 was N514 billion.
Going by industry records, total insurance assets rose by N228.24 billion from N1.8 trillion in June 2020 to N2.1 trillion by December 2021.
NAICOM as the insurance industry regulator, introduced new and segmented minimum paid up share capital requirements for insurance companies in Nigeria in June 2020.
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According to the Central Bank of Nigeria’s ‘Insurance sector (general and life) consolidated balance sheets) for third quarter 2021’, the industry’s assets rose from N1.16 trillion as at the end of December 2017 to N1.26 trillion and N1.45 trillion as of the end of December 2018 and 2019, respectively.
More so, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olorundare Thomas, had during a conference for insurance directors themed, “Insurance industry in a changing world,” warned the management of insurance companies in Nigeria against refusal to pay claims or detaining consumers compensation.
He said while the Commission had implemented various measures to reposition the insurance industry and make it contribute significantly to the country’s Gross Domestic Product, the issue of claims settlement was threatening such efforts and acting as retardants to growth.
The NAICOM CEO maintained that insurance business was about payment of genuine claims, adding that anything short of that will continue to hurt insurance business in the country and ultimately leading to consumers shunning it.