Insurers pay N347bn claims despite N10.9bn premium decline

By Rosemary Iwunze
Claims paid by insurance companies  rose by 0.1 per cent, year-on-year, YoY  to N346.87 billion in the first half of 2026, H1’26, from N346.59 billion in the corresponding period of 2025.
The rise in claims payment was in spite of a 1.8 per cent YoY decline in Gross Premium Written, GPW, raising concerns over pressure on underwriting margins in the industry.
Analysis of the H1’26 financial statements of 18 insurance companies listed on the Nigerian Exchange Limited, NGX, showed that aggregate GPW fell to N579.25 billion, from N590.2 billion  in the corresponding period of 2025.
The companies are AIICO Insurance,  Axa Mansard,   Consolidated Hallmark Insurance, C...