According to Agusto & Co’s newly released 2021 Insurance Industry report, the Nigerian insurance industry generated premiums of over ₦592 billion in 2020, a 15% increase over the prior year despite COVID-19 induced economic challenges.
Supporting the Industry’s growth in the last year, the on-going recapitalization (which strengthens underwriting capacity) and a growing awareness of the benefits of insurance, spurred by stakeholders’ support in educating Nigerians and an expanded distribution network. However, the Industry contends with unfavorable monetary policies and a high inflationary environment which adversely impact investment returns for policyholders and operators.
