PREMIUM

Insurance companies in Nigerian have undergone reform in 2004 in order to enhance their Performance and to make them stronger players nationally and internationally. Besides, in 2014 available statistics revealed that the performance of insurance companies in Nigeria Still remains below average. The statistics further indicated that the companies contribute Only 0.3% of overall GDP in 2014 in terms of the value of gross premiums written which Was very minimal if compared to 16% of South African insurance contribution to GDP. This among others provides a cause for assessing the total premium and determinants of insurance Companies’ performance in Nigeria. This study evaluated empirical review on concept of insurance, its business in Nigeria and also the financial performance in Nigeria. This study is descriptive in nature and used secondary sources of data collection. The secondary data for this study Were obtained from the CBN statistical bulletin of 2018, also including variables like TASSETS, TPREMIUM, NDGP and CLAMIS using E-views 7.0 software to fit ordinary least squares to evaluate the relationship between the total premium and the performance of insurance industry in Nigeria. The study improves the understanding of total premium and the performance of insurance industry in Nigeria. This study recommended that there is a need to build a stable and vibrant environment to foster the improvement of insurance industry in Nigeria.