Brokers, agents receive over N33.6bn commission in 2016

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Matthew Otoijagha
Underwriters paid over N33.6 billion to brokers and agents in 2016, it was reliably leant.
Information obtained from the Nigerian Insurers Association (NIA) noted that Non-Life Companies paid N22.40 billion, while Life Companies paid N11.19 billion commission to intermediaries in 2016.
 
According to the NIA, companies with large commissions are: Leadway Assurance Limited, which paid about N4 billion commissions out of gross premium income of N52.71 billion;
 
FBN Insurance Limited, paid N1.93 billion out of N9.91 gross premium income; AIICO Insurance paid N1.80 billion; NEM Insurance, N1.80 billion and Axa Mansard Insurance, paid N1.49 billion.
Others are Custodian & Allied Insurance, N1.37 billion; WAPIC Insurance, N1.30 billion and Zenith Insurance Company Limited, N1.09 billion.
 
Meanwhile, outstanding premium due from brokers; agents; sundry debtors and others amounted to N92.98 billion in 2016. According to the 2016 annual balance sheet of insurance companies published by the National Insurance Commission (NAICOM), Non-life operators were owed N84.48 billion and Life operators N8.58 billion.
 
A breakdown of the figures revealed that agents and brokers owed N1.96 billion; sundry debtors, N15.29 billion and others N75.81 billion
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