The Nation Newspaper Insurance industry records over N1tr premium income in 2023
Nigeria’s insurance industry closed 2023 with a premium income of N1.003 trillion, representing 27 percent increase when compared to the N790 billion recorded in 2022.
The Life insurance segment, though smaller, still played a crucial role with a 38.7 percent share, valued at N388.1 billion. This marks a positive step towards ensuring policyholders receive timely compensation for their losses.
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