INSPENONLINE: Six insurers own 30% of industry’s N607.72 billion assets

Friday 13 September 2013

Six insurers own 30% of industry’s N607.72 billion assets

Chuks Udo Okonta

Six insurance companies have 30 per cent of the industry’s N607.72 billion assets, the Nigeria Insurance Digest has revealed.

The digest obtained from the Nigerian Insurers Association (NIA) showed that the companies have assets worth over N187.64 billion.

According to the NIA, NICON Insurance Plc, top the chart with N58.12 billion, followed by Leadway Assurance Limited N42.57 billion; Industrial and General Insurance (IGI) Plc, N36.50 billion; AIICO Insurance Plc N29.37 billion, Mansard Insurance Plc N23.29 billion and Niger Insurance Plc 21.08 billion.

The Commissioner for Insurance Fola Daniel said the National Insurance Commission (NAICOM) is making effort to reposition the industry. He noted that the sector is currently embarking on several reforms which include transition to International Financial Reporting Standard (IFRS), risk based supervision, market conduct, claims settlement reform; financial inclusion and more all geared towards developing the industry and improving its general perception.

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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