Out of the total gross premium income of N201.55 billion generated by insurance underwriters in 2016 from non-life/general business risks, 50.1 percent came from nine of the companies.
Industry statistics accessed by Business Day reveal that Leadway Assurance Company Limited led the pack with N21.54 billion, translating to 10.69 percent of the total market share in general business.
This is followed by Custodian and Allied General Insurance N16.22 billion, equal to 8.05 percent, while AXA Mansard came third with N14.29 billion, equal to 7.09 percent.
NEM Insurance followed with N10.63 billion, translating to 5.26 percent; Royal Exchange General Insurance Ltd N9.00 billion, equal to 4.46 percent; Zenith General Insurance N8.56, equals 4.26 percent; AIICO Insurance Plc N7.33 billion, equal to 3.64 percent; Sovereign Trust Insurance Plc N6.76 billion, equal to N3.64 percent; and Mutual Benefits Assurance Plc N6.66 billion, which translates to 3.30 percent.
Meanwhile, of the total premium on non-life/ general business, operators paid out claims amounting to N78.58 billion.
Investment income from the business was N30.44 billion, achieving a profit after tax of N31.55 billion during the review year.
Out of the total premium, motor insurance business contributed highest at N41.39 billion, and paid out 18.4 billion on claims, while Oil and gas followed with N25.42, out of which N13.16 billion was paid as claims. Fire business followed with N15.51 billion and paid out N11.38 billion on claims.
General accident business contributed N13.31 billion, and paid out 10.4 billion; Marine N7.58 billion and also paid out N6.88 billion; and miscellaneous gross premium during the period was N7.35 billion, while claims was N7.07 billion.
Modestus Anaesoronye
