The nation’s insurance industry has received a whopping N18.3 billion from the Nigerian National Petroleum Corporation (NNPC) for the coverage of its oil and non oil assets, as well as group life policy of its employees for 2017.
The premium, which has been released, according to industry sources, became effective April 1, 2017.
BusinessDay findings are that Leadway Assurance Company Limited is leading 33 other co-insurers in the oil and non-oil assets account valued at $40,710,944 million, equal to N16.6 billion with the sum assured totaling $27 billion.
While Ensure Insurance is leading other co-insurers in the group life business valued at N2.3 billion. Group life insurance is a provision in the Pension Reform law, which mandates employers to provide insurance cover for their employees against death in service or permanent disability.
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