Nigeria@59: Insurance Sector Has Evolved As The Nation, NIA Director General

Director-General, Nigeria Insurers Association, Mrs Yetunde Ilori

By LOVETH AZODO, Lagos

The Director-General of the Nigeria Insurers Association (NIA), Mrs Yetunde Ilori has noted that insurance sector has evolved over the past 59 years just as the nation.

Mrs Ilori while speaking on the strength of the sector told newsmen that a lot of evolutions has taken place in the sector stressing that Insurance industries are involved in the financial inclusion of the nation.

According to Ilori, the sector has recaptilize thrice since the past 59 years adding that there had been a lot of innovations.

She said: “The industry is moving in the direction of the economy dynamic of the nation’s as well.”

On innovations, she reiterated the recent insurance penetration campaign embarked by insurers in the country which includes the launching of the USSD code *556*11 and the slogan “Wetin You Carry” that will be championed by a 33 uniformed squad named “The Insurance Court”

Ilori said that the USSD code will facilitate Insurance penetration, easy access to insurance policies, curb the selling and purchase of fake policies.

“The Insurance court will be on Lagos roads starting from the 2nd of October and will cover Lagos State in one month before moving to other states in the country” she stated.

However, she noted that the sector has more feats to achieve as Insurance companies have not been able to cover up to 50 percent of 12 million motorist who ply the Nigerian roads.

We have a platform that capture what we have done and from what we have on that platform is just over 2.5M which is less than 50percent.

Recall that as part of the National Insurance Commission’s (NAICOM) effort to strengthen the financial muscles of the sector and enhance it’s competitiveness, the regulator recently set June 30, 2020 as new recapitalization deadline for all exiting insurance companies in Nigeria.

Effective from the aforementioned date, the minimum paid-up share capital for each existing insurance company operating under the following classification increased as follows: Life Insurance companies N2 billion to N8 billion; general business insurance companies N3 billion to N10 billion; composite business insurance companies N5 billion to N18 billion and reinsurance companies N10 billion to N20 billion.