…… Premium Income, Total Assets Achieve 13.6%,12% Growth Respectively
The National Insurance Commission mobilised the insurance industry to contribute half a billion naira as well as free life insurance cover for frontline workers in the management of the COVID-19 pandemic.
This disclosure was made Monday by the Commissioner of Insurance and Chief Executive Officer of the Commission, Olorundare Sunday Thomas, in his welcome address at the on- going insurance conference holding in Abuja.
“The Commission as part of its support to government initiatives mobilized the insurance industry to contribute the sum of N500million and free Life Insurance cover for front line workers in the management of the COVID-19 Pandemic”, he said.
He disclosed this while reeling out some of the achievements of the Commission under his leadership.
“The Commission under my leadership has remained resilient and focused on implementing initiatives that will foster development of the Nigerian insurance industry and align its fortune with that of the nation as the Africa largest economy”, Thomas said.
Some of the achievements the Commissioner of Insurance listed include:
Ensuring improved safety and soundness of the Nigerian insurance sector to continue to de-risk economic activities, migration of the Commission’s supervisory regime to align with global best practices, implementation of Project E-Regulation through operationalized Business Process Management Solution and NAICOM Portal.
“The BPMS is currently being used to process applications from insurance institutions while the Portal remains the focal point for generation of unique policy identification numbers for all policies as well as repository for statistical data including verification of insurance policies issued in Nigeria”, he explained.
Others are:Implementation of an actuarial capacity development programme for the Nigerian insurance industry, opening up the insurance supply-side through licensing of twelve (12) additional new entrants and expansion of insurance distribution channels, etc; provision of financial assistance to tertiary institutions to facilitate education of professionals required by the insurance sector.
In addition to the foregoing, the Commission’ s projects in 7 higher institutions are at various levels of completion while 5 others have been concluded, some of which have been commissioned.
Shedding more light on the recently licensed insurance companies, the Commissioner said, “This was historic considering that the last time an insurance company was licensed by the Commission before those recently licenced, was 10 years ago while that of any Reinsurance company was 32 years ago”.
Also, the Commission has continued to reach out to State governments and relevant security agencies in the enforcement of compulsory insurances.
On the industry’s performance, Mr. Thomas said, “Your Excellencies, the industry premium income between 2014 and 2022 grew at an average of 13.6%; from a premium income of N282 Billion to N726.2 Billion. The total assets of the sector also grew at an average of 12% for the same period; from an asset base of N827.5 Billion in 2014 to N2.33 Trillion in 2022”.
He cited low public awareness, cultural and religious bias, lack of trust and confidence in insurers, affordability as shome of the challenges impeding the growth of the industry.
According to him, the purpose of the conference whose theme is, “Redefining Safety-Insurance Solutions for Public Buildings and Buildings under Construction”, “is to achieve the objective of incentivizing the law enforcement agencies, State Governments, relevant professional bodies and all other stakeholders. The conference will also sensitise the general public and create the needed awareness of the place of insurance in redefining safety in Nigeria”.
, Total Assets Achieve 13.6%,12% Growth Respectively
The National Insurance Commission mobilised the insurance industry to contribute half a billion naira as well as free life insurance cover for frontline workers in the management of the COVID-19 pandemic.
This disclosure was made Monday by the Commissioner of Insurance and Chief Executive Officer of the Commission, Olorundare Sunday Thomas, in his welcome address at the on- going insurance conference holding in Abuja.
“The Commission as part of its support to government initiatives mobilized the insurance industry to contribute the sum of N500million and free Life Insurance cover for front line workers in the management of the COVID-19 Pandemic”, he said.
He disclosed this while reeling out some of the achievements of the Commission under his leadership.
“The Commission under my leadership has remained resilient and focused on implementing initiatives that will foster development of the Nigerian insurance industry and align its fortune with that of the nation as the Africa largest economy”, Thomas said.
Some of the achievements the Commissioner of Insurance listed include:
Ensuring improved safety and soundness of the Nigerian insurance sector to continue to de-risk economic activities, migration of the Commission’s supervisory regime to align with global best practices, implementation of Project E-Regulation through operationalized Business Process Management Solution and NAICOM Portal.
“The BPMS is currently being used to process applications from insurance institutions while the Portal remains the focal point for generation of unique policy identification numbers for all policies as well as repository for statistical data including verification of insurance policies issued in Nigeria”, he explained.
Others are:Implementation of an actuarial capacity development programme for the Nigerian insurance industry, opening up the insurance supply-side through licensing of twelve (12) additional new entrants and expansion of insurance distribution channels, etc; provision of financial assistance to tertiary institutions to facilitate education of professionals required by the insurance sector.
In addition to the foregoing, the Commission’ s projects in 7 higher institutions are at various levels of completion while 5 others have been concluded, some of which have been commissioned.
Shedding more light on the recently licensed insurance companies, the Commissioner said, “This was historic considering that the last time an insurance company was licensed by the Commission before those recently licenced, was 10 years ago while that of any Reinsurance company was 32 years ago”.
Also, the Commission has continued to reach out to State governments and relevant security agencies in the enforcement of compulsory insurances.
On the industry’s performance, Mr. Thomas said, “Your Excellencies, the industry premium income between 2014 and 2022 grew at an average of 13.6%; from a premium income of N282 Billion to N726.2 Billion. The total assets of the sector also grew at an average of 12% for the same period; from an asset base of N827.5 Billion in 2014 to N2.33 Trillion in 2022”.
He cited low public awareness, cultural and religious bias, lack of trust and confidence in insurers, affordability as shome of the challenges impeding the growth of the industry.
According to him, the purpose of the conference whose theme is, “Redefining Safety-Insurance Solutions for Public Buildings and Buildings under Construction”, “is to achieve the objective of incentivizing the law enforcement agencies, State Governments, relevant professional bodies and all other stakeholders. The conference will also sensitise the general public and create the needed awareness of the place of insurance in redefining safety in Nigeria”.