Chuks Udo Okonta
Executive Director Leadway Assurance
Limited Ms Tola Adegbayi, has said the over N28.68
billion premium said to have been generated by underwriters from compulsory
insurance is far below expectations as they have the capacity to generate N300
billion from the business line.
She spoke at a forum organised by the Chartered
Insurance Institute of Nigeria (CIIN) in Lagos, stressing that if the operators
harness available opportunities, they can make great fortune from the business.
She called on her industry colleagues to be
proactive and innovative, adding that 82 per cent of the opportunities provided
by the law on compulsory insurance have not been scratched.
She expressed worry over the inability of
insurers to underwriter large policies, adding that available statistics show
that no insurer secures up to 700 new policyholders yearly.
According
to the National Insurance Commission (NAICOM) under
the Market Development and Restructuring Initiative (MDRI) which commenced in
2009, between 2009 and 2012, policies written, surged from 72,180 to 152,181 a
whopping increase of 111 per cent, and premium written with the period also
rose from N14.93 billion to N28.68 billion increased of 92 per cent.
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