Insurers Post N400bn Premium In 2018

Chairman, Nigerian Insurers Association (NIA), Mr. Tope Smart

By LOVETH AZODO, Lagos

The volume of business written by insurance industries grew from N363bn in 2017 to N400bn in 2018 representing 10percent increase.

The Chairman, Nigerian Insurers Association (NIA), Mr. Tope Smart disclosed this Thursday  at the association’s  Annual General Meeting (AGM) held in Lagos.

However, Smart lamented that power outage, failure to abolish or amend CITA 2007 remain huge burden for the insurance companies.

“Growing Herdsmen/Farmers clashes across the country, insurgency and armed banditry in the North, rising cases of kidnapping, armed robbery and other violent crimes as well the internecine communal clashes in some states all combined to negatively affect the bottom line of many insurance companies,” he lamented.

On the new capitalization for insurance and reinsurance companies, he stated that the association has started engaging the National Insurance Commission (NAICOM) with a view to defining the components of the new capital level as well as the incentives and palliatives that members will enjoy to ensure that as many companied as possible scale through.

He urged the association members to contact the secretariat if they face challenges and also for updates, “on our part we will continue to update you as we make progress in our engagements with the commission.”

 “The association is working closely with NAICOM to promote the business of insurance and increase its contribution to national GDP,” he said.

 On the NIA towers, The chairman who had promised to work with other council members for its actualization stated that substantial progress in bringing the dream to fruition as the contractor and subcontractors have fully mobilize to site and work is progressing according to the work plan presented by the main contractor.

He commended the Chief Executive Officers of member companies for their support towards the  vision through payment of the NIA house levy, he also urged that they don’t relent as the association strives to deliver the project in July 2020.

Also speaking the Director General/CEO of the association, Mrs. Yetunde Ilori iterated the association’s  successful  implementation of the USSD code *565*11# which according to her woud enable policyholders and law enforcement agencies to convene meetings where member companies can deliberate on these problems and proffer solutions so as to ensure sustainable growth of the industry.

“The introduction of the code is a major achievement for the association as it eliminates challenges posed by poor internet connectivity in rural areas which had been a major issue in the development of hand-held devices for enforcement of NIID,” she said.

Meanwhile the association nominated Mr. Segun Balogun, Dr. F.K Lawal, Mrs. Adeyinka Adekoya, Mr. Olatoye Odunsi , Mrs. Ebelechukwu nwachukwu and Mr. Stephen Alangbo  into its  governing council.