The Nigerian insurance industry posted $1B Premium in 2015

The Nigerian insurance industry posted $1B Premium in 2015

The Nigerian Insurers Association (NIA) has said the volume of business underwritten by the insurance industry in 2015 reached N350 billion ($1 billion), against N294 billion in 2014. This represents an increase of about 19 per cent.

The industry remains very small and will need to grow. At $1 billion premium,  it is less than 0.20% of the GDP of Nigeria which is troubling.

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