Report shows North-east performed lowest in insurance compliance

Report on level of compliance to different compulsory insurances in Nigeria show that North-east is lowest, while South –West is highest with Lagos leading by Sate level.

This was shown in a report titled: “Nigeria Insurance Digest 2018” released by the Nigeria Insurers Association (NIA).

Compulsory insurance products in the country are Third Party Motor Insurance, Group Life Insurance, Builders Liability Insurance, Occupiers Liability Insurance, Building Under Construction and Health Care Professional Indemnity.

The report further showed Yobe State as the poorest compliant state with only N689 million insurance gross premium written or insurance sold out of a total of N413.8 billion recorded sales by 58 insurance companies.

The North West also complied less as the industry recorded N14.2 billion while the operators recorded N39.1 billion in the North Central region of the country.

On the other hand, the South-west is the most compliant with gross premium written of N329.1 billion recorded sales out of the total N413.8 billion insurance sold.

Meanwhile, Lagos State continued to lead in the statutory and regulatory compliance. It emerged as the most insurance compliant state as insurance companies sold policies worth N196.5 billion out of N413.84 billion recorded in 2018.

Compliance in the SouthEast is also poor with only N5.7 billion gross premium written or insurance sold.

The operators recorded N24.8 billion in the SouthSouth with Rivers State emerging as the most compliant going by a sale of N5.5 billion and Bayelsa State at the bottom going by N142 million sales.

The state has always led in the purchase of all insurance products, especially the compulsory insurances in the country,

Aside Lagos, insurance companies sold a total of N329.1 billion in the SouthWest.