Life underwriting specialist, Capital Express Assurance plc, says its gross written premium rose by 22 percent from N2.8 billion in 2012 to N3.42 billion in 2013. “Net premium income on the other hand dipped by 11 percent from N2.79 billion in 2012 to N2.49 billion in 2013.”
The chairman of the company, Babatunde Adenuga, who disclosed this during its 31st annual general meeting in Lagos, said that its underwriting profit also rose by 114 percent to N735 million in 2013 from N344 million in 2012.
Adenuga said its net claims incurred stood at N1.46 billion in 2013 from N1.82 billion in 2012, saying growth prospects remained modest for the firm due to the high uncertainties surrounding commodity prices, rising cost-push factors, increased volatilities in the foreign exchange market and tight monetary policy stance.
These notwithstanding, and assessments within the Central Bank of Nigeria suggest that the Nigerian economy was projected to remain strong, driven largely by increased growth in agriculture, trade and services, while activities in the oil sector are projected to recover in 2015.
The chairman observed that the insurance sector had begun to witness a lot of emerging opportunities on the current government legislation, which has supported the prospect of growth in the industry.
This legislation, he said, had triggered strategic mergers and acquisitions, interests from foreign investors as well as increased competition in standard among players in the industry.
According to him, the high level of competition in the insurance industry was expected to improve the low patronage of insurance products, improve the level of knowledge of the public in insurance as well as improve the level of confidence and poor perception of the public of insurance, among others.
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