Chuks Udo Okonta
The Nigerian Insurers
Association (NIA) and the International Monetary Fund (IMF) are exploring means
to harness and turn the potentials of the insurance industry into economic
growth for the country, Inspen has learnt.
Director-General, NIA Sunday Thomas, who disclosed this in Lagos, said the
representatives of the association’s Governing Board led by Professor Joe
Irukwu, has met with the representative of the IMF, Dr Rodoyo Wenrhan to
discussed how the nation can maximise greatly from the enormous insurance
potentials.
He said the parties hope to work out how to sustain stability on insurance
contributions to the economy.
He said: “The representatives of our Governing Council led by Professor Joe
Irukwu, has met with the representative of the IMF, Dr Rodoyo Wenrhan, to
explore the potentials of the Insurance Industry as an economic growth driver
in Nigeria.
“Among the objectives of the mission was to ensure stability is sustained
within the system. The representative of the IMF stated that the outcome of the
meeting is expected to be published with recommendations made on how to move the
insurance industry forward”
Insurance industry is said to have within the
last three years, recorded a growth of one million subscribers.
According to the Commissioner
for Insurance Fola Daniel, the number of insured in Nigeria was 500,000 as
three years ago, but presently stands at about 1.5 million, out a population of
over 165 million.
Daniel noted that the Gross
Premium Income (GPI) has also increased from N157 million in 2010 to N250
million in 2012, adding that the result increase in the ratio of premium to
Gross Domestic Product (GDP) moved from below 0.5 per cent to nearly one per
cent.
He said increase in local
capacity has moved from less than 10 per cent to 48 per cent, adding that the
commencement of implementation of Section 50 of the insurance Act 2003 has
improved financial assets of operators.
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