Insurers record N319b premium in 2014

THE Nigerian Insurers Association (NIA) has announced that the value of business underwritten by 58 member companies in 2014 appreciated by 12 per cent to N319billion when compared to N285 billion recorded in 2013.

The Chairman of the association, GUS Wiggle, addressing members at the 44th yearly general meeting held in Lagos, said that the Insurance companies in four year, settled claims amounting to N326.25 billion, adding that claims were paid between 2011 to 2014.

According to the NIA boss, the breakdown of the claims showed that N70.71 billion was paid in 2011; N72.20 billion in 2012; N92.95 billion in 2013 and N90.39 in 2014.

He said that these achievements did not come easy as the Nigerian Insurance landscape was plagued by several challenges. According to him, the insurance sector cannot be separated from the vagaries and vicissitudes of the national economy.

He noted “The challenge of power supply weak infrastructure and the continuing insurgency in the north east contributed to slow down the pace of growth of the industry, adding that the introduction of innovative products, strategic business modules and improved service delivery however helped to upscale growth of the industry.

He added that the enforcement of “No Premium No Cover”, implementation of IFRS, strict adherence to anti-money laundering guidelines, better corporate governance structures and tighten supervisory oversight and the shift to development oriented regulation by the National Insurance Commission (NAICOM) contributed significantly to the improvement in quantum of premium reported.

Wiggle told members that following the observed leakages in marine business, the Nigerian Insurance Industry database (NIID) was extended to curb the fraud of fake marine certificates in the nation’s sea ports. “I am delighted to report that the marine module of the NIIDF has become fully functional and member companies have started uploading their marine certificates. The association, he said, has sustained engagement with the relevant stakeholders such as CIBN, NCRIB, Nigerian Customs Service and NAICOM to seek their support for the initiative,. The aim is to plug the leakages in import business resulting in loss of billions of naira premium accruable to the insurance industry.

Wiggle said “I urge members to support this laudable initiative by uploading their marine certificates in respect of imports. I am indeed delighted to report that as at this year, 3,281 marine policies had been uploaded. This attests to the general acceptability of this project and the need to supp0ort it in the interest of the industry and the national economy. I am optimistic that before long the industry will begin to count the gains of these initiatives by way of increased premium income to the industry.

Meanwhile the NIA has unanimously elected five new members into its governing council. They are – Sakiru Oyefeso, Managing Director/ CEO, Staco Insurance Plc; Fashola Rotimi, Industrial and General Insurance Plc (IGI); Mrs. Yetude Ilori, Managing Director/CEO, Mansard Insurance Plc; Fatai Kayode Lawal; Managing Director/CEO, Sterling Insurance; Ogunjimi Teju and Managing Director ARM Life Insurance.

Also members of the association ratify the appointment of Sakiru Oyefeso as Treasurer and Tope Smart as the Assistant Treasurer.