Insurers post N285bn gross premium in 2013



Managing Director Lasaco Insurance Plc, Olusola Ladipo-Ajayi, swearing in the Chairman Nigerian Insurers Association Godwin Wiggle at the event.

Chuks Udo Okonta

The estimated volume of business underwritten by the insurance industry in 2013 was N285 billion, the former Chairman of the Nigerian Insurers Association (NIA) Remi Olowude, has said.

Olowude who was represented by his deputy, who is now the Chairman, Godwin Wiggle, disclosed this today at the association’s Annual General Meeting (AGM) in Lagos. He noted that the result was against N247.58 billion recorded in 2012.

He noted that the improvement which was put at 15 per cent could be attributed to the relative stability and sustained growth in the economy, the increasing insurance awareness and government patronage of insurance services.

He remarked that the innovations and improved service delivery by member companies as well as the growing confidence in the insurance system by the general public also contributed to the achievement.

“This performance was also aided by the better regulatory supervision on account of the release of guidelines for risk-based supervision; anti-money laundering and combating financial terrorism and the adoption of the international Financial Reporting Standard (IFRS) for 2012 accounts,” he said.

Director-General Nigerian Insurers Association (NIA) Sunday Thomas; Chairman Godwin Wiggle and Deputy Director Inspectorate, National Insurance Commission (NAICOM) Faruna Monday at the event.

The Commissioner for Insurance Fola Daniel, who was represented by the Deputy Director Inspectorate, National Insurance Commission (NAICOM) Faruna Monday, pledged to sustain the commission’s support to the association, adding that NAICOM is committed to ensuring that things get better for the industry.

He noted that NAICOM will continue to work with the operators to ensure that the industry gets to greater heights.