By Rosemary Onuoha
The insurance industry recorded 22 percent increase in gross premium income, year-on-year, to N315 billion in the third quarter (Q3’18) from N258 billion recorded in the corresponding period of 2017 (Q3’17).
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Commissioner for Insurance, Alhaji Mohammed Kari, disclosed this while delivering the keynote address at a workshop for insurance journalists in Lagos on Friday.
He said that gross claim figure for the period under review increased by 30 percent to N143 billion from N110 billion in 2017.
Kari who was represented by the Deputy Commissioner, Technical, Mr. Sunday Thomas, noted that the Commission is rolling out various initiatives with the main objective of deepening and broadening insurance penetration in the country.
He said, “It has become a common saying that insurance is underperforming in Nigeria, with dismal percentages and unflattering comparisons trotted out to…
