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Nigeria: Only 25 Percent of Vehicles in Nigeria Insured - FRSC, NIA

Nigeria: Only 25 Percent of Vehicles in Nigeria Insured - FRSC, NIA
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Boosting Motor Third Party Insurance

Boosting Motor Third Party Insurance
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How Third Party Vehicle Insurance Works

How Third Party Vehicle Insurance Works
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Motor 3rd Party Insurance Premium Hiked - Read New Rates

From June 1, 2022 onwards, the motor third party liability insurance premium has been jacked up by the central government despite the portfolio being hugely profitable for the insurers.

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Coronation Insurance Records Profit Growth

Coronation Insurance Plc said it achieved 461 per cent growth in its Profit After Tax (PAT) for the year ended Dec. 31, 2020. The underwriting firm also said it generated a gross premium income of N17.2 billion in 2020, as against N15.8 billion achieved in 2019 financial year. This was contained in the company’s consolidated and separate financial statements recently released on the floor of the Nigerian Exchange Limited. The company, during the period under review, posted PAT of N1.2 billion, compared with N214.33 million recorded in the comparative period of 2019. Group gross written premium rose to N16.19 billion from N15.20 billion in 2019. However, the company’s gross premium written grew to N11.64 billion from N10.71 billion recorded in 2019. The insurer said it paid N6.91 billion as claims in 2020, signifying a 69.5 per cent increase year-on-year.

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