LAGOS – Despite the numerous macroeconomic headwinds that have plagued the nation’s business space over the years, insurance industry has maintained a steady growth of 25 percent compound annual growth rate (CAGR) in the past five years. Statistics show that in 2017, the sector grew its gross premium income by 14 percent, “and by 2018, the growth rate stood at 14.5 percent. In 2019, it grew by 20.9 percent.”
In 2020, while other sectors of Nigerian economy contracted including the national gross domestic product (GDP) which growth contracted by -19 percent, insurance sector maintained a steady growth with its graphical curve.
