Chuks Udo Okonta
Insurance companies in four years, settled claims amounting to N326.25 billion Inspenonline, can report.
The Nigerian Insurers Association (NIA) stated this in its 2014/2015 annual report and accounts presented today at the Annual General Meeting (AGM) in Lagos. It noted that the claims were paid between 2011 to 2014.
A breakdown of the claims shows that N70.71 billion was paid in 2011; N72.20 billion in 2012; N92.95 billion in 2013 and N90.39 in 2014.
The Chairman NIA, Godwin Wiggle at the event, said the estimated value of business underwritten by the industry last year, was N319 billion, stressing that the feat was achieved through initiatives such as, No Premium No Cover; implementation of the international financial reporting standard; strict adherence to anti-money laundering guidelines; better corporate governance structures and tighter supervisory supervision oversight.
He lauded the National Insurance Commission (NAICOM) for its development oriented regulations, which he said contributed significantly to the improvement in the quantum of premium recorded.
Wiggle also identified some challenges that clogged the wheel of progress in the industry.
"It should be noted that this did not come easy as the Nigerian insurance landscape was plagued by several challenges. As we know, the insurance sector cannot be separated from the vagaries and vicissitudes of the national economy.
"Therefore, the challenges of poor power supply; weak infrastructure; and the continuing insurgency in the North East contributed to slow down the pace of growth of the industry."
He posited that in spite the challenges, the introduction of innovative products; strategic business models and improved service delivery helped to up the ante for the industry.
No comments:
Post a Comment