Nigerian insurance industry premium estimated to hit N363bn in 2017
The nation’s insurance industry at the close of business in 2017 targets an estimated premium income of N363 billion, representing an expected increase of 15 percent over 2016 figure.
Eddie Efekoha, immediate past chairman Nigerian Insurers Association(NIA) dropped the hint at the 47th Annual General Meeting of the trade body held in Lagos.
Efekoha who is also the managing director/CEO, Consolidated Hallmark Insurance Plc said the insurance industry during the year under review had to contend with epileptic power supply and dilapidated infrastructure such as roads and other public facilities with high cost of operations.
“The Nigerian insurance industry is not insulated from developments in the general economic space and had its fair share of the challenges facing the larger financial market during the year under review.”
Efekoha said these coupled with a suffocating tax regime impacted the bottom line of insurance companies, but however stated that in spite of these daunting challenges, the insurance industry continues to perform its role of financial inter-mediation and business restoration in line with its mandate.
He further disclosed that industry operators in collaboration with the regulator have embarked on various initiatives to deepen insurance penetration. These initiatives such as the Insurance Industry Roadmap, financial inclusion, micro insurance, bancassurance, the insurance industry rebranding project, the Association’s USSD initiative and other strategic efforts will increase insurance uptake by the public.
The Association also elected Tope Smart, managing director/CEO, NEM Insurance Plc as its new chairman, while Ganiyu Musa, group managing director/CEO, Cornerstone Insurance Plc becomes the new deputy chairman of the Association.
Speaking on milestone during his tenure, Efekoha stated that during the year under review, the Association engaged in several activities and initiatives to enhance the business of its members in line with its mandate.
Some of the initiatives include Sponsorship of Insurance Industry Transformation Project: Vision 2027
“This is a landmark project showing industry vision and the road map to achieve substantial growth over the next ten years. The document is being harmonized with input from NAICOM, NCRIB and other stakeholders. It is on record that this effort represents the first major step by the Association and the industry at large to produce a vision document for the market.”
“The Association will continue to engage in activities aimed at improving public confidence in the insurance industry. To this end, member-companies have massively supported the re-branding project under the auspices of Insurers’ Committee. We are convinced that increased awareness creation will enhance the business of members”.
“With the project now fully flagged off, member companies are encouraged to key into the project with a view to tapping into the massive business opportunities which the project will unleash.”