Concern as insurers’ income slumps 26.7% in Q2’21

*Major firms record up to 66% decline

*Operators say no cause for alarm

Concern as insurers’ income slumps 26.7% in Q2’21

By Rosemary Iwunze & Cynthia Alo

Business activities in the insurance sector took a downward position in the second quarter of 2021, Q2’21, as the sector’s major income line, Gross Premium Written, GPW, nosedived by 26.7 per cent quarter-on-quarter, QoQ, to N97.8 billion from N133.5 billion recorded in the first quarter of the year, Q1’21.

Financial Vanguard findings from the financial results recently submitted to the Nigerian Exchange Group, NGX, by 18 leading insurance companies, however show a year-on-year, YoY, increase by 19.4 per cent in Q2’21 from N81.9 billion recorded in the corresponding period of 2020, Q2’20.

Meanwhile, on QoQ basis, analysis of companies performance show that Royal Exchange recorded the highest rate of decline in GPW, as the company’s premium income line dropped by 66.2 per cent to N2.5 billion in Q2’21 from N7.4 billion in Q1’21.

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