Developments in the insurance industry in Nigeria in 1994

Abstract

The number of insurance companies operating in Nigeria during the review period increased to 136 with the commencement of business of eleven new entrants. While the income of all the companies increased substantially, expenditure declined. The report revealed that the growth rate income in the industry exceeded the expenditure rate, as income to expenditure ratio rose from 1.04 to 2.90 between 1993 and 1994. The assets of the insurance companies also increased by 14.2 per cent from its 1993 level, while the investment of the assets was mixed in I 994. However, the industry complied with government regulations on investment in government securities in the review period.