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Nigeria: Premium on compulsory insurance hit $183.7 million in 2012, says regulator

May 27, 2014 - 6:00am


Insurers collected an estimated 28.7 billion Nigerian naira ($183.7 million) as premium on compulsory insurance in 2012, Fola Daniel, chief executive of the National Insurance Commission, said.

Mr. Daniel said the volume of premium written grew 92% from 2009 to 2012, Business Day reported.

He said the number of policies written by insurers under compulsory insurance during the 2009 to 2012 period grew from "72,180 to 152,181, representing 111% increase."

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