Insurance industry’s performance remains uncertain

Chuks Udo Okonta

Barely three days to the end of the year insurance industry’s performance has remained uncertain as the 2012 financial results of most firms are yet to be approved by the National Insurance Commission (NAICOM).

Operators who spoke with Inspen, said the delay in the approval of underwriters’ 2012 accounts, had made it difficult to measure the performance of the industry, hence, they resolved to rely on the 2011 figures in making projections.

Industry observers said the slow pace at which the results are being approved is unhealthy for the industry, especially now that it is becoming the toast of foreign investors.

They called on underwriters to have a change of attitude in the way they run their businesses. The added that the industry is no long obscured as all eyes are on it due to the enormous untapped insurance opportunities in the country.

The National Insurance Commission (NAICOM) said only 38 firm’s accounts have been approved as at December 20.
It noted that Industrial & General Insurance Plc; International Energy Insurance Plc and NICON Insurance lead the category of eight that are yet to submit their accounts.

Others in that category are the five firms under the commission’s management, which are, Alliance & General; Alliance & General Life Assurance Plc; Goldlink Insurance Plc; Spring Life Assurance Plc and Investment & Allied Assurance Company Limited.

The commission said the accounts of 14 firms are still being worked on.