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From Uche Usim, Abuja
The National Insurance Commission (NAICOM), on Monday, released the unaudited industry performance statistics of 2021, which shows that total assets, as at December 31, stood at N2,139,203.39 trillion.
According to the data released by Mr Rasaaq Salami, the Head, Corporate Communications and Market Development of the Commission, insurance companies raked in a Gross Premium Income (GPI) of N630,362.35 billion, while they paid N238,050.49 billion as net claims in the year under review.
NAICOM said the audited GPI for 2020 was N514 billion.
Going by industry records, total insurance assets rose by N228.24 billion from N1.8 trillion in June 2020 to N2.1 trillion by December 2021.
NAICOM as the insurance industry regulator, introduced new and segmented minimum paid up share capital requirements for insurance companies in Nigeria in June 2020.
