Agusto & Co. Limited, a pan-African credit rating agency and business information provider has said Nigeria’s insurance industry’s 2022 gross premium will rise above $1.5bn from increased economic activities.
It stated this in its 2023 insurance industry report titled ‘The Nigerian insurance industry – Poised to survive the weak macro economy and an election year’.
According to Agusto & Co, “The Nigerian insurance industry’s estimated gross premium income maintained its double-digit growth trend and crossed the $1.5bn mark in FY 2022. The uptick in the industry’s premium was driven by several factors including improved economic activities and stronger regulatory support.”
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