Insurance Industry Resilient Amidst Challenges – Coy

Desperate the current economic challenges experienced in Nigeria’s economy, a leading Pan-African credit rating agency, Agusto& Co. Limited, says the Nigerian insurance industry has remained resilient.
Agusto& Co., which also provides  business information, stated this in its 2022 insurance industry report titled “The Nigerian insurance industry – More Resilient Than Expected Despite Headwinds”.
The report, which showed a review of the insurance landscape in Nigeria and the near-term expectation for the industry, said despite the lockdown, which emanated from COVID-19 and further losses from #EndSARS protests, the industry recorded improved performance.
“In the financial year ended 31 December 2020, the Nigerian insurance industry generated an estimated gross premium income of N520.1bn ($1.4bn at N380/$), with growth muted by the outbreak of the COVID-19 pandemic.
“The lockdown following the COVID-19 pandemic negatively impacted insurance products distribution, especially with the inter-state travel bans restricting the movement of people and goods.
“Simultaneously, in the financial year 2020, the industry paid out net claims of N196bn, up by 20 per cent year-on-year (representing 37.6 per cent of GPI) and worsened by the violence that trailed the #EndSARS protest in October 2020”, it stated.