The Nigerian insurance industry in the 2016 financial year recorded an estimated gross premium income of N380 billion, a 22 percent increase from N311 billion recorded at the end of the financial year in 2015.
Eddie Efekoha, chairman, Nigerian Insurers Association (NIA) made the disclosure at the Association’s 46th Annual General Meeting held in Lagos.
Efekoha said that the plunge in global crude oil prices to below $30 per barrel, epileptic power supply, cut throat inflation, internal conflicts between herdsmen and farmers, a near comatose economy and the prolonged recession, had serious consequences on the operations of insurance companies during the year under review.
He however noted that the industry is optimistic that in spite of the challenges posed by the economy, the suspension of the Federal Reporting Council corporate governance code, implementation and improved compliance with the ‘no premium no cover’ especially by the federal parastatals and ministries Department and Agencies (MDAs), improved anti-money laundering mechanism, full implementation of International Financial Reporting Standard, improved enforcement of compulsory insurances, the renewed vigour by the government to improve the ease of doing business in Nigeria and improvement in regulation coupled with the administrative ingenuity of the chief executives, the insurance industry continues to be the preferred investment destination for reputable players in the insurance market.
On achievements during the year under review, Efekoha noted that the NIA has flagged off the Nigerian Insurance Industry Database Marine Module and member companies are daily uploading on the platform. “At the end of May 2017, member- companies numbering 33 have uploaded 65,000 marine policies on the platform.
Modestus Anesoronye
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