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AIICO Insurance Plc has maintained its position as Nigeria’s biggest insurer when ranked by third quarter or nine months 2022 Gross Written Premium (GWP), following growth of 27.21 percent during the period.
Gross Written Premium (GWP) is the total premium (direct and assumed) written by an insurer before deductions for reinsurance and ceding commissions.
Based on research data gathered by MoneyCentral, our directory of the 16 listed firms shows that AIICO Insurance came top of the pack with GWP of N69.05 billion and Net premium income of N52.41 billion as at September 2022.
In the second position for Nigeria’s biggest Insurers sits Custodian Insurance with GWP N64.64 billion and Net premium income of N37.37 billion as at September 2022, followed by AXA Mansard in third position with GWP of N57.89 billion and Net premium income of N34.67 billion, and then NEM Insurance with GWP of N25.36 billion and NWP of N16.69 billion.
In all, the largest and the most liquid insurers collectively grew Gross Written Premium (GWP) by 19.71 percent to N310.36 billion in September 2022 from N259.25 billion as at September 2021, according to data gathered by MoneyCentral.
Their combined net premium income (NPI) for Nigeria’s biggest Insurers increased by 23.98 percent to N219.34 billion in September 2022 from N176.91 billion as at September 2021.
It is important to note that the industry has been on a growth trajectory since the reopening of the economy and relaxation of social distancing rules that invigorated business activities.
Analysts say a lot of companies are thinking outside of the box and introducing innovative and market driven products that are contributing to earnings.
They added that the insurance sector should be the future redeemer of the Nigerian economy, given its growth rate, resilience and yet untapped potential.