The total gross premium income reported in the Nigerian insurance industry remains stagnant at N520 billion in 2021 when compared to the figure in 2020 which was N592.3 billion.
This is according to the 2022 Insurance Industry report by Agusto and Co, a credit rating agency and provider of industry research and knowledge in Nigeria & Sub-Saharan Africa.
The report stated that this could be tied to the negative residues of the COVID-19 pandemic and the #EndSARS protests from 2020 which the industry had to grapple with.
individuals and corporates maintaining a significant online presence. While the trend is expected to continue, the report states that insurance companies can create targeted marketing campaigns aimed at re-orientating Nigerians to embrace insurance products with more people online.
Nigeria insurance industry continued to witness rising claims after disruption in economic activities in 2020 following the lockdown and #EndSARS protest during the year
According to the Nigerian Insurers Association (NIA), insurance companies have paid out claims totalling about N9 billion to victims that suffered losses from the destruction that followed the #EndSARS protests.
In total, there were 99 claims settled on malicious damage, 8 on business interruption, 455 on burglary attack and 912 on fire and burnt sites. Similarly, the insurance companies settled 718 claims on vandalism; 93 cases on looting; 113 on theft, and 136 on loss of cash