Despite the Covid-19 pandemic, the sixteen leading Nigerian insurers [4] have posted positive results in 2020.
The financial statements filed by the companies with the Nigerian stock exchange have shown a net profit of 26.5 billion NGN (69.11 million USD), a 27.4% increase compared to the 20.8 billion NGN (54.24 million USD) recorded in 2019.
The turnover grew by 16% from 219.6 billion NGN (572.69 million USD) in 2019 to 255.1 billion NGN (665.27 million USD) in 2020.
The insurance companies in question control 80% of the market. They are: AIICO Insurance, AXA Mansard, Consolidated Hallmark, Cornerstone Insurance, Coronation Insurance, Linkage Assurance, Mutual Benefits Assurance, Nem Insurance, Niger Insurance, Prestige Assurance, Regency Alliance, Royal Exchange, Sovereign Trust, Sunu Assurance, Universal Insurance, and Veritas Kapital.
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