The industry, however, did not give a breakdown of how the above figure was generated between life and non-life business segments for the period.
However, non-life insurance segment, topped life in gross premium generation for the year 2014, as the its gross premium for 2014 stood at N184,967,767 billion, while gross premium from life segment for the same period, stood at N108,576,192billion.
Similarly, the industry, experienced more claims from the non-life segment for the period as gross claims paid from non-life business for the same period stood at N51,061,483billion,while gross claims experience from life stood at N35,946,322billion.
Announcing the results at the company’s 45th annual general meeting of the umbrella body of insurance underwriters, the Nigerian Insurers Association (NIA) held in Lagos, outgoing chairman of the association, Mr. Godwin Wiggle, noted that the industry, performed the way it did last year, thus generating the above figure as overall premium because 2015, as an election year, witnessed many policy shifts.
Wiggle observed that the challenge of epileptic power supply was more pronounced during the year, while problems of infrastructure decay and liquidity squeeze, occasioned by falling oil prize and the slow pace with which the new government approached governance, had economic grave implications which also affected the insurance industry.
He, however, said with the full implementation of the corporate governance code, improved enforcement of ‘no premium no cover’, better adherence to the prudential guidelines, full compliance with IFRS and improved anti-money laundering mechanisms in addition with administrative acumen and ingenuity of insurance chief executives, the insurance industry in Nigeria, continued to be the preferred investment destination from renowned players in the world insurance market.
