Insurance Industry: Contribution to GDP Rises by 40%

The contribution of the insurance industry to Nigeria’s Gross Domestic Product (GDP) has risen by 40% over the last two years; going up from 0.5% in 2010 to 0.7% in 2012.

The Managing Director of Leverage Insurance Brokers Limited, Hon. Lanre Laoshe, revealed this in a presentation titled ‘A Brief on the Nigerian Insurance Market’, showcasing the industry at an investors’ forum in Lagos recently, he said the Nigerian insurance industry has continued to grow with the number of policyholders rising from 0.5 million in 2010 to 1.5 million by the end of last year.

“In spite of these, when compared with other economies on the continent, there is still room for growth in the Nigerian insurance market; the Nigerian insurance industry is a dynamic and rapidly growing one. It is supervised by the National Insurance Commission (NAICOM), which is poised to ensure that the market grows to a level that commensurate with contemporary economies. The number of policyholders has increased from 500,000 in 2010 to 1,500,000 in 2012” He said.