The nation’s insurance industry has recorded total assets of N2.139 trillion at the end of 2021 financial year, according to figures released by the National Insurance Commission (NAICOM).
According to NAICOM, the industry unaudited report shows a gross premium income (GPI) N630.362 billion at the end of 2021, as against N514 billion (audited) in 2020, indicating 22 percent increase.
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From the business generated in the review year, insurance companies paid out N238.050 billion as claims to policyholders that had losses during the year, as well as on matured benefits in case of the life business.
Rasaq Salami, head of corporate communications and market development at NAICOM gave the figures on Monday.
