Nigeria’s Southwest is reportedly the most compliant with Gross Premium Written, GPW, totaling N329.1 billion recorded sales out of the total N413.8 billion insurance sold.
Indeed, Lagos State led in the regulatory compliance, emerging as the most insurance compliant state as insurance companies sold policies worth N196.5 billion out of N413.84 billion recorded in 2018.
Compliance in the Southeast was not very encouraging with only N5.7 billion Gross Premium Written or insurance sold.
The industry recorded N24.8 billion in the Southsouth with Rivers State emerging as the most compliant going by a sale of N5.5 billion and Bayelsa State at the bottom going by N142 million sales.
The state has always led in the purchase of insurance products, especially the compulsory insurances.
Meanwhile, there is less compliance with compulsory insurance in the Northeast, with Yobe State lagging behind.
This was contained in a report titled: “Nigeria Insurance Digest 2018” by the Nigeria Insurers Association (NIA).
Compulsory insurance are Third Party Motor Insurance, Group Life Insurance, Builders Liability Insurance, Occupiers Liability Insurance, Building Under Construction and Health Care Professional Indemnity.
The report showed Yobe State as the poorest compliant state with only N689 million gross premium written or sold out of a total of N413.8 billion recorded sales by 58 insurance firms.
The Northwest also complied less as the industry recorded N14.2 billion while the operators recorded N39.1 billion in the Northcentral.