Insurer’s total assets hit N2.1 trillion in 2021

The nation’s insurance industry has recorded total assets of N2.139 trillion at the end of 2021 financial year, according to figures released by the National Insurance Commission (NAICOM).

According to NAICOM, the industry unaudited report shows a gross premium income (GPI) N630.362 billion at the end of 2021, as against N514 billion (audited) in 2020, indicating 22 percent increase.

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From the business generated in the review year, insurance companies paid out N238.050 billion as claims to policyholders that had losses during the year, as well as on matured benefits in case of the life business.

Rasaq Salami, head of corporate communications and market development at NAICOM gave the figures on Monday.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.