The premiums collected by six insurance companies rose by 28.7 per cent to N144.56bn as of September 2024, compared to N112.24bn in the same period of last year.
This was contained in the companies’ unaudited financial statement for the period ended September 30, 2024, filed with the Nigeria Exchange recently.
A premium is an amount to be paid for a contract of insurance.
The six insurance companies being analysed for their performance in premium receipts are NEM Insurance, Cornerstone Insurance, Regency Alliance Insurance, Guinea Insurance, Universal Insurance, and Sovereign Trust Insurance.
NEM Insurance led the pack with a N85.43bn premium, a 34.8 per cent increase from N63.38bn in 2023.
Cornerstone Insurance Plc followed closely with a total of N31.33bn, a 50.3 per cent increase from N20.86bn recorded in 2023.
Regency Alliance Insurance Plc posted premiums of N5.70bn, up 15 per cent from N4.96bn in 2023, while Guinea Insurance recorded N2.41bn premiums during the period under review, compared to N1.79bn in the same period of last year, reflecting a 34.9 per cent growth.
Universal Insurance Plc generated N12.06bn in premiums, a 41.4 per cent increase from N7.09bn received in 2023 and Sovereign Trust Insurance grew its premium by 29.7 per cent to N3.91bn from N3.01bn in the comparable period.
The PUNCH reports that the gross written premiums of eight insurance firms rose by 22.43 per cent year-on-year to N367.66bn in 2023 compared to N300.31bn in the previous year.
Earlier this year, the National Insurance Commission announced that the industry’s premium stood at N1.003tn in 2023, representing about 27 per cent growth compared to N790bn in 2022.
