The 2016 Annual Review of African Insurance Organization, AIO, released at the ongoing 43rd AIO conference and General Assembly in Marrakech, Morocco has shown that African aviation insurance pool’s premium plunged by 40 per cent from $2,670,621 million in 2014 to N1,021,77 million in 2015.
The review also showed that in the oil and gas sector of the regional market, the oil and energy pool with 50 underwriting members from 14 African countries in 2010 recorded gross premium income of N21,103,565 million against N16,350,761 million in 2011.
“The African Aviation Pool, a consortium of countries underwriting aviation insurance also recorded a drop in its gross premium from $3,249,244 million in 2012 to $2,670,622 million in 2013.
“The pool profit also reduced between 2013 and 2014 from N1,517,317 million in 2014 to N371,904 in 2013.
“In the oil and gas sector, the regional market, as the African Oil and Energy pool with 50 underwriting members from 14 African countries in 2010 recorded gross premium income of N21,103,565 million against N16,350,761 million in 2011,” the report read in part.
