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| From Right: Commissioner for Insurance Fola Daniel; Deputy President Chartered Insurance Institute of Nigeria (CIIN) Bola Temowo and President Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs Laide Osijo at the investiture of the CIIN President in Lagos. |
Chuks Udo Okonta
Three years ago the number of insured in Nigeria was
500,000. As at today, we have recoded 1.5 million insured, the Commissioner for
Insurance Fola Daniel, has said.
Daniel, who spoke at the Investiture of the President Chartered
Insurance Institute of Nigeria (CIIN) Fatai Lawal, in Lagos yesterday, said in
three years the industry has been able to triple the number of insured.
He noted that the Gross Premium Income (GPI) has also increased
from N157 million in 2010 to N250 million in 2012, adding that the result in
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 in collaboration with the National Pension
Commission (PenCom) to the development of annuity market, companies with
foreign equities increased from three to 10 generating substantial foreign
direct investment.
Daniel said increase in local capacity has moved from less
than 10 per cent to 48 per cent. He said the commencement of implementation of
Section 50 of the insurance Act 2003 has improved financial assets of
operators.
“These are initiatives
introduced by NAICOM of which received full support of the members of the
industry and the profession. While acknowledging the positive role of the
majority of professionals, we must agree that agree that the industry still has
a long way to go to meet the developmental levels achieved by other
jurisdiction even on our continent,” he said.
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