The Nigerian Insurance industry’s asset has risen by N110 billion from N2.02 trillion to N2.13 trillion in the 2021 fiscal period.

The figure was released on Monday by the Head, Corporate Communications and Market Development, NAICOM, Rasaaq Salami, shows that the Insurance sector raked N630.36 billion as income and paid N238.05 billion as claims in the said year.

Recall that the Nigerian Insurers Association (NIA) had on Feb. 8 announced that insurers paid a total of N224 billion as claims out of N508 billion generated as Gross Premium Written by the industry in 2020.

Mr Ganiyu Musa, NIA, had at a news conference said the claims paid was 44 per cent of the total industry premium.

Musa said that the association would continue to complement the efforts of NAICOM in its campaign on domestication of compulsory insurances in states.

Furthermore, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olorundare Thomas, had during a conference for insurance directors with the theme, “Insurance industry in a changing world,” warned the management of insurance companies in Nigeria against refusal to pay claims.

The NAICOM Boss said that insurance business is about payment of genuine claims and anything short of that will continue to hurt insurance business in the country thereby giving the industry poor reputation.