Recapitalisation: Insurance industry assets rise to N2.02tn
Insurance companies’ gross written premium rose to N520bn as of the end of 2020, while their assets hit N2.02tn as the sector undergoes recapitalization. The Nigerian insurance industry’s asset rose by N401bn to N2.02tn as of the end of 2020 from N1.62tn as of the end of 2019. Statistics obtained on Sunday from the Central Bank of Nigeria on ‘Insurance sector (general and life) consolidated balance sheet)’ showed these. The National Insurance Commission also disclosed in its report on ‘Market Development Drives of NAICOM’ that as of the end of 2020, the sector generated a gross written premium of N520bn. Other statistics showed that as of the end of 2020, policies held by individual Nigerians were 1,034,383; corporate and non-individual policies were 891,128; total policies written were 1,925,511; while the insurance penetration during the period under review was 0.72 per cent. It mandated that 50 per cent of the minimum paid-up capital for insurance and 60 per cent for reinsurance must be met by 31 December 2020. However, the December deadline failed to be implemented as some dissatisfied companies, using their shareholders, dragged the regulator to court.