The Nigerian insurance industry recorded 15 percent increase in gross premium income which rose to N363 billion in the 2017 financial year from N315.9 billion in 2016.
Chairman of Nigerian Insurers Association NIA Mr. Eddie Efekoha, disclosed this at the annual general meeting of NIA held in Lagos last week.
Efekoha said, “The insurance industry continues to perform its role of financial intermediation and business restoration in line with its mandate. The volume of business written by the market grew from N315.9 billion in 2016 to an estimated N363 billion in 2017, representing an expected increase of 15 percent over 2016 figure.”
Efekoha said 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.
“During the last one year, we have taken steps to increase the visibility of insurance brand in government circles through strategic alliances with pressure groups and policy think-tank organizations such as the Nigerdian Economic Summit Group, NESG. This has resulted in the insurance industry getting a slot for the first time since the inception of the summit. It has also led to the establishment of a thematic group within the NESG that focuses on the insurance industry.
“The Association continues to engage strategically with stakeholders such as Federal Ministry of Finance, National Assembly, Financial Reporting Council, Central Bank of Nigeria, and others whose activities impact on the business of insurance, the aim is to get them to fully understand our services to enable them assist us in delivering more value in the financial sector value chain through value enhancing policy frameworks,” Efekoha said.