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After taking the spot from Leadway Assurance in 2022, the latest data from MoneyCentral shows AIICO Insurance Plc still remains Nigeria’s largest insurer by gross premium written (GPW).
With N56.40 billion as at June 2023, AIICO Insurance tops the lists of the country’s top 10 companies.
AXA Mansard Insurance took the second position with a GPW of N54.77 billion, while custodian Investment Insurance came third with a total figure of N50.56 billion.
NEM Insurance is fourth on the chart, with a GPW of N41.92 billion as at June 2023, as the insurer maintains its position as the most efficient.
Coming in fifth is Mutual Benefit Assurance with a GPW of N22.16 billion, while Cornerstone Insurance and Lasaco ranked sixth and seventh with GPWs of N14.72 billion and N9.47 billion respectively.
Insurers have remained resilient in the face of macroeconomic headwinds, strengthening their product strategies to magnify earnings, but their cost of capitals still remains below the return on equity (ROE), which raises germane questions about business viability.
The largest and most liquid insurers collectively realised N301.12 billion as at June 2023, which is 28.02 percent higher than 2022’s N235.47 billion, according to data gathered by MoneyCentral.
There has been improvement across all business segments, thanks to good regulations in the Motor and Oil and Gas sectors.
For instance, the National Insurance Commission (NAICOM), raised the new premium for private motors to N15,000, staff buses to N20,000, commercial trucks/general cartage to N100,000, commercial tricycles to N5,000 and commercial motorcycles to N3,000. These policies previously had a basic rate of N5,000.