Thursday, September 24, 2020
Home Insurance Insurance growth low in North-East – Report

Insurance growth low in North-East – Report


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The North-East has the bottom insurance coverage growth and premium technology stage in the nation, in line with the newest report launched by the Nigerian Insurers Association.

The NIA, in its ‘2018 Insurance Digest Report’, obtained on Friday, stated Lagos generated the best insurance coverage premium among the many states.

According to the report, there was much less compliance with the obligatory insurance coverage legal guidelines in the North-East area of the nation as of 2018.

The report confirmed Yobe State because the poorest compliant state with solely N689m insurance coverage gross premium written or insurance coverage offered, out of a complete of N413.8bn recorded gross sales by 58 insurance coverage corporations.

The North-West area generated N14.2bn premium, whereas the operators recorded N39.1bn premium in the North Central area of the nation.

South-West was essentially the most compliant with gross premium written of N329.1bn premium.

Lagos State continued to steer in the statutory and regulatory compliance.

Insurance corporations offered insurance policies price N196.5bn in Lagos in 2018.

Compliance in the South-East was additionally poor with solely N5.7bn gross premium written.

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