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Premiums grow 15% in Nigeria in third quarter

Posted On: Dec. 21, 2022 9:08 AM CST

Data from Nigeria’s National Insurance Commission showed that local insurers’ aggregate premium increased 15% year-on-year to 532.7 billion Nigerian naira ($1.19 billion) in the third quarter of the year, News Agency of Nigeria reported. The nonlife insurance segment continued to dominate the market with over 58% market share, largely driven by the oil and gas insurance segment.