Insurance Sector Records N363 Billion Premium In 2017

By LOVETH AZODO, Lagos

Former Chairman, Nigeria Insurers Association (NIA) Eddie Efekoha at the association’s Annual General Meeting (AGM).

The former Chairman, Nigeria Insurers Association (NIA) Eddie Efekoha has said in spite of the challenges facing the larger financial market, that the volume of business written by the insurance companies grew from N315.96 billion in 2016 to an estimated N363 billion in 2017, representing an expected increase of 15 percent over 2016 figure.

He said this at the NIA 47th Annual General Meeting (AGM) in Lagos.

Eddie also mentioned that in the quest to deepen insurance penetration in the country, the industry operators collaborated with NAICOM to embarked on various initiatives such as insurance industry roadmap, financial inclusion, micro insurance, bancassurance, the industry re-branding project, the association USSD initiative to mention but a few.

Speaking on the impact of these initiatives, he assured that these strategic efforts will increase insurance uptake by the public.

Chairman, Nigeria Insurers Association (NIA) Tope Smart taking his oath of office.

Concurrently, the Managing Director, NEM Insurance Plc, Tope Smart, was elected as the Chairman of the association. Also elected as council members of the association were, Group Managing Director, AIICO Insurance Plc, Edwin Igbiti; Managing Director, Mutual Benefits Assurance, Segun Omosehin and Managing Director, Capital Express Company Limited, Mrs Bola Odukale. Six more members are expected to be brought into the council.

While addressing the members, the new Chairman, said he will do everything possible to move the industry forward. He called on members to support him in moving the industry forward.

He said the association will continue to collaborate with other arms of the industry and the National Insurance Commission.

Profiling the new NIA Chairman, Smart joined Vigilant Insurance Company Limited as the General Manager/Chief Executive Officer in the year 1995 . He was responsible for the overall growth and development of the organization. In view of the outstanding results posted in two years, the Board in 1997 approved his elevation to the position of Managing Director/Chief Executive Officer with shareholding in the company.

He transformed the company from N6 Million annual premium income in 1995 to an industry leader with a recorded premium income of about N1 Billion in 2005.

In 2009, he set up a subsidiary in Ghana, named NEM Insurance Ghana Limited which he wanted to use as a Springboard to launch out to other West African Countries.

Smart presently sits on the Board of Regency NEM Insurance and NEM Asset Nigeria Limited among others.

In 2014, he was appointed by the Federal Government as Co-Chairman of Insurance Industry Transformation Committee. An alumnus of the Havard Business School,