The underwriter noted that the increase in prices of things generally and the economic condition of the country dwindled businesses and insurance was not left out
Though the gross written premium was valued at N14.14 billion in 2021 from N16.2billion generated in the same period of 2020 The company paid N5.5billion as claims in 2021, a little below N5 6 billion paid in 2020 while the outstanding claims was N4.4 billion and claims expenses recoverable was N2.9 million in 2021 from N3 billion in 2020. These reflected a net claims expenses at N1.4billion in the same year compared to previous year, the value for the same purpose amounted to N3 billion.
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