In the last ten years, premiums received by the nation’s insurance companies increased year-on-year, writes Nike Popoola. Between 2000 and 2009, the insurance sector received total premiums of N839.8bn from all the businesses underwritten by life and general insurance companies.
Statistics from the Nigerian Insurers Association revealed that the industry received N27.7bn, N33.1bn, N44.5bn and N55.9bn premiums in 2000, 2001, 2002 and 2003 respectively.
The sector also raked in total premiums of N69.4bn, N76.3bn, N82.3bn and N100.6bn in 2004, 2005, 2006 and 2007 respectively.
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