Premiums grow 20% in Nigeria in second quarter

Data from Nigeria’s National Insurance Commission showed that local insurers’ aggregate premium increased around 20% year-on-year to approximately 369.3 billion Nigerian naira ($851.4 million) in the second quarter of the year, This Day reported. The nonlife insurance segment continued to dominate the market with over 59% market share, largely driven by the oil and gas insurance segment that recorded 32.5% growth in premium.