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Insurance sector grows from N827bn to N2.33trn in 2022

The Commissioner of Insurance, Mr. Sunday Thomas revealed that assets under management in the insurance sector grew by 12 per cent from N827 billion to N2.33 trillion in 9 years.

He stated this yesterday in Abuja during the ongoing national conference on insurance tagged “Redefining Safety: Insurance Solution for Public Buildings and Buildings Under Construction,”

He said “In terms of its performance, Your Excellencies, the industry premium income between 2014 and 2022 grew at an average of 13.6%; from a premium income of N282 billion to N726.2 billion. The total assets of the sector also grew at an average of 12% for the same period; from an asset base of N827.5 billion in 2014 to N2.33 trillion in 2022,”

Speaking further, he noted that over the next decade (2024-2033), the insurance industry will seek to continue its transformation journey along the following seven strategic thrusts, which include “Transform the regulatory environment to sustain the industry growth, transition to risk-based capital model, promote insurance awareness and adoption and broaden insurance product offerings and improve effectiveness of distribution channels among others,” he said.

He said the conference with the theme “Redefining Safety – Insurance Solutions for Public Buildings and Buildings Under Construction” is only one out of numerous efforts of the commission at creating the needed awareness of the general public of compulsory insurances.

Also in his address, the Minister of Finance, Wale Edun said the government will create an environment for insurance to thrive.

The minister who was represented by the Permanent Secretary, Okokon Ekanem Udoh said a lot needs to be done to enable growth of the insurance sector, adding that Tinubu’s administration is determined to ensure that risks are minimised through insurance.

He noted that “The era of government providing support for insurance victim is no longer sustainable, which is why the government is partnering private sector to ensure that the challenges of insurance claims are addressed,”

Also speaking, the Emir of Kano, Aminu Ado Bayero urged Nigerians to embrace insurance products as it has proven to be beneficial for future purposes while  urging NAICOM to collaborate with states to deepen insurance penetration.