The Nigerian insurance industry generated N363bn in premium in the 2017 financial period.
The immediate past Chairman of the Nigerian Insurers Association, Mr. Eddie Efekoha, stated this during the 47th Annual General Meeting of the body in Lagos.
“The volume of business underwritten by the market grew from N363bn in 2017, representing an expected increase of 15 per cent over the 2016 figure,” he said.
During the meeting, which marked the end of Efekoha’s second term, the Managing Director, NEM Insurance Plc, Mr. Tope Smart, was announced as the new chairman of the NIA.
The Managing Director, Capital Express Assurance Limited, Mrs Bola Odukale; and Managing Director, Mutual Benefits Assurance Plc, Mr Segun Omosehin, also joined the governing board of the association.
In spite of the daunting challenges, Efekoha stated that the insurance industry continued to perform its role of financial intermediation and business restoration in line with its mandate.
He also said that the industry operators, in collaboration with the regulator, had embarked on various initiatives to deepen insurance penetration.
Initiatives such as the insurance industry awareness creation will enhance the business of members, he said.
With the project now fully in operation, he stated that member companies were encouraged to key into the project with a view to tapping into the massive business opportunities that it would offer.
Efekoha added that the association had made presentations to the National Assembly on bills, which could impact the insurance business, such as the National Housing Fund Bill and Maritime Development Fund Bill, among others.
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