Mr Tope Smart, Outgoing Chairman of the association, said at the association’ s virtual 49th Annual General Meeting (AGM) on Thursday that the figure was a rise from N413.8 billion recorded in 2018.

Smart said that despite enormous challenges, the industry had continued to perform its role of financial intermediation and business restoration in line with its mandate.

“It is expected, because of the various initiatives embarked on by the association in conjunction with other stakeholders such as financial inclusion, micro insurance, the insurance industry re-branding project and the association’s USSD initiative.

“Also, the Nigerian Insurance Industry Platform for sale of Third Party Motor Insurance coupled with other strategic efforts by the regulator will further deepen insurance penetration and encourage insurance uptake by the public,” he said.

According to him, the association in the past year, in line with its mandate of promoting the interest and business of its members, engaged in several activities and initiatives.

The chairman said that the outbreak of the Coronavirus pandemic which had become a global cause for concern, posed serious challenge to the association and the entire Nigerian insurance industry.

Smart explained that the virus had not only disrupted businesses but also forced member companies to activate their business continuity strategies.

We are happy that our members have responded adequately to the challenges posed by the disease, such as remote working , deployment of technology, use of web conferencing technology for online meetings, maintenance of physical distancing.

”Social distancing in the work place and sale of insurance policies through online platforms have become part of the new norm created by COVID-19,” he said.

Smart said that the association, as part of the industry’s contribution toward national response to the COVID-19 pandemic, collaborated with other arms to provide life insurance cover for 5000 health workers and volunteers.

He said that health workers such as Doctors, Pharmacists, Nurses and other ancillary personnel in the frontline of the battle against COVID-19 were beneficiaries of the cover.

“Scale of benefits under the scheme are: Doctors – N3,000,000, Pharmacists and Nurses N2,000,000, Ancillary Personnel N1,000,000

“The association also donated the sum of N500 million to the Federal Government as additional support in the fight against the pandemic,” he said.