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

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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