Insurance, other financial service sectors payment declined to N236.9 billion in 2017, according to the Central Bank of Nigeria. A breakdown of the figures available in the CBN September report shows that insurance, financial services, royalties and license fees, computer, information services and communication services, decreased to N78.20 billion, N56.33 billion, N38.59 billion, N35.16 billion and N28.62 billion respectively.
The report said, “Payments in respect of insurance services, financial services, royalties and license fees, computer and information services and communication services, decreased to N78.20 billion, N56.33 billion, N38.59 billion, N35.16 billion. The Apex bank further said that insurance sector recorded a 14 per cent growth in gross premium and 1.7 per cent claims settlement. It said, ”The insurance sector recorded a 14% growth in gross premium and 1.7% in terms of claims paid by Insurance companies, during the year under review.
The nation’s insurance industry claimed it recorded 15 per cent increase in gross premium income which rose to N363 billion in the 2017 financial year from N315.9 billion in 2016. The volume of business written by the market grew from N315.9 billion in 2016 to an estimated N363 billion in 2017, representing an increase of 15 per cent over 2016 figure.” Efekoha said that industry operators in collaboration with the regulator have embarked on various initiatives to deepen insurance penetration.