By Bisi Bamishe
Insurance agents operating in the country have continued to top in life business premium drive.
National President, Association of Registered Insurance Agents of Nigeria (ARIAN) Odewunmi Olakunle who made this known, said that the feat was achieved through personal selling of insurance.
He assured that insurance agents are working assiduously to also take control of the non-life business in the country.
According to available data published by the Nigerian Insurers Association (NIA), in its Nigeria Insurance Digest 2020,
insurance agents controlled life business with N141.39 billion premium generated in year 2020.
Also, the agents generated N164.08 billion, of the industry’s N508. 4 billion 2020 gross premium written, representing 32 per cent; brokers, N281.08 billion, which was 55 per cent; direct sales yielded N42.95 billion indicating nine per cent, one per cent; e-channel, N3.77 billion, one per cent and others, N11.86 billion, two per cent respectively.
Furthermore, it was gathered that insurance brokers, agents and others earned N97.07 billion commission from underwriters and reinsurers in 2020.
During the yesr under review, N37.97billion was paid by non-life insurance companies as commission, life insurance companies paid N52.97 billion, takaful providers paid N239 billion while reinsurance companies paid N5.85 billion.
The report revealed that out of the industry’s N508.44 billion Gross Premium Written, N388.03 billion was generated from Lagos State.
The Federal Capital Territory (FCT) came second with N48.08 billion followed by Rivers State with N21.98 billion.
Oyo State provided N7.83 billion, Delta State, N5.23 billion, Kaduna State, N5.17 billion and Edo state N4.16 billion. Yobe State gave the lowest, amount of N17.78 million.
