Nike PopoolaThe insurance sector contracted by 16.54 per cent in the third quarter of 2020 financial period, latest figures from the National Bureau of Statistics have shown. Part of the report read, “The finance and insurance sector consists of the two subsectors, financial institutions and insurance, which accounted for 88.89 per cent and 11.11 per cent of the sector in real terms in Q3 2020. “As a whole, the sector grew at 5.91 per cent in nominal terms (year on year), with the growth rate of financial institutions at 9.60 per cent and –16.54 per cent growth rate recorded for insurance. “The overall rate was higher than that in Q3 2019 by 2.20 per cent points, but –14.91 per cent points lower than the preceding quarter. Quarter on quarter growth in real terms stood at –25.24 per cent.

Source: Punch November 22, 2020 23:15 UTC