Insurance companies’ assets would attain 81 billion USD by 2020
Sunday Thomas, general manager of Nigeria Insurance Association (NIA), announced in early May that the assets of insurance companies are likely to amount to 16 000 billion NGN (81 billion USD) by 2020. Meanwhile and at the same date, the premium volume will rise to 6 000 billion NGN (30 billion USD).
S. Thomas has based his assumption on the weakening competition among different insurers. He has also bet on the development of the segment of industrial risks. His estimate seems to be optimistic in view of the current data: the insurers’ current turnover is of 312 billion NGN (1.58 billion USD) whereas their assets amount to 715 billion NGN (3.6 billion USD).
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