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Premiums up nearly 18% in Nigeria

Posted On: Mar. 24, 2023 9:47 AM CST

Data from Nigeria’s National Insurance Commission showed that local insurers’ aggregate premium increased 18% year-on-year to 726. 2 billion Nigerian naira ($1.57 billion) in the fourth quarter of 2022, Vanguard News reported. The nonlife insurance segment continued to dominate the market with a share of 57.4%, mainly driven by oil and gas business.