Insurance N1.10 tr premium target doubtful - CIIN

Insurance N1.10 tr premium target doubtful - CIIN

Chuks Udo Okonta

The Insurace industry targets for this year are far from being achieved, the Chartered Insurance Institute of Nigeria (CIIN) has said.

The Institute disclosed this at its professional forum in Ibadan, adding that how to meet the targets poises big challenge to operators.

The industry target for this year is for the market to achieve at least three per cent (one per cent for 2011) contribution to GDP and creation of additional 250,000 new jobs, a gross premium of N1.10 trillion (2011  premium  not available) and per capita of N7500.

It said: "As at 2010 and the projected estimates for 2011, the targets are far from being achieved. The challenge we have as professionals is how can we meet these targets to make the insurance sector more relevant to the economy.

"However, we can advance reasons for the shortfall due to the stagnation of the economy, poor infrastructural deficit, insecurity which has in no little way affected businesses in certain sectors of the country and also increased claims, low level of insurance penetration etc. may have contributed to our inability to grow our business to meet the target.

"We as professionals would have to challenge ourselves to evolve strategies to enable us achieve the set target. This requires leadership with a purposeful vision and strategies on the way forward. This is where we can make a difference. What this implies is that we have to double our efforts and evolve strategies and new skills and competences as professionals to grow our respective businesses to enable the market meet the trillion target before 2015."

It urged operators to design and innovate their products and services to enable them grow their business to move the industry forward.