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Insurance industry records 49.33% growth

The Nigerian insurance industry has continued to wax stronger as the sector recorded 49.33 percent growth with a total premium income of N150,259,567 excluding reinsurance premium. In year 2007, the total industry gross premium income was over N100billion.

Non_Life Insurance business recorded 29.38 percent growth with a premium income of  N120,931,883, as against N83,924, 077 in 2007 while life insurance business recorded a 50 (fifty) per cent growth compared with a total gross premium of  N29,327,684 as against N14,629,256 recorded in year 2007.

Over a nine _ year period, 2001_ 2008, the Insurance Industry recorded an average growth rate of 42.77 percent, with life insurance growing at the rate of 19.4 percent while Non life insurance recorded 23.37 percent growth.

For the years under review, the industry recorded the greatest growth in  2008. These figures were released by the Nigerian Insurers Association (NIA) in its 2009 Statistical Digest.

According to the Director_General of the Association, Mr. Ezekiel O. Chiejina, “the Statistical Digest has become a veritable source of information on the performance of insurance companies and this year’s edition has been enriched with data to give a fairly true picture of the performance of the industry during the period under review”

This edition contains the ranking of insurance companies along the lines of business such as life and non_life insurance business.  In non_life category the companies were ranked as per premium income on Marine, Oil & Gas, Workmen Compensation, Fire, Miscellaneous insurance, amongst others.

Also, included is the Market share of companies using the gross premium income for year 2008. The Digest shows analysis insurance funds, assets,  liability, technical reserves, comparative ratios of claims, management expenses, investment income to premium income of companies as well as profit before and after tax, distribution of assets of life insurance companies, and life liability of member companies among others.

Data contained in the Digest will serve as veritable tools in the hands of industry analysts, and companies. They would also enable each player to assess their position in the market and carry out benchmarking and strategy reviews.


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