Annual Premium Flight in Nigeria’s Insurance Industry Reaches N148.5 Billion

Findings have revealed that the annual premium flight in Nigeria’s insurance industry has now reached N148.5 billion ($750 million). Recently, Africa Re, founded by members of the then Organization of African Unity in 1976, stated that despite its efforts, more than 80 per cent of the reinsurance risks in Africa are covered outside the continent. However, experts have expressed optimism that the industry could in the future clinch a larger share of the risk that is placed offshore if the on-going consolidation in the industry succeeds. The immediate past Commissioner for Insurance, Fola Daniel, had in July revealed that just three million Nigerians have insurance policies in a population of 175 million. According to the National Insurance Commission (NAICOM) gross premium income in the industry amounted to N258 billion in 2013, and increased by 24 per cent to N319bn ($1.60bn) last year.