Insurance firm’s premium income hit N164.5 billion

With Industries folding and waning thin the Nigerian Insurance industry Gross Premium income hit N164.5 billion in 2008; N63.9b rise from N100.6 billion in 2007 and paid claims of N53.5 billion in 2008 compared to its N32 billion obligation in 2007, a sweet relief from the crippling effect of the “Global economic meltdown”!!!
NIA (Nigerian Insurers Association) Chairman Mr. Wole Oshin, attributed this success to the government induced recapitalization exercise a year ago which brought international support of foreign and local investors to the industry.
As a result, the industry’s capitalization have tripled from less than N200 billion in 2007 to N670 billion in 2008 and with this he has predicted a brighter business year for insurers in 2009 financial year that will make Nigeria the safest and fastest growing financial system! Back

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