Insurance Industry Records N250bn Gross Premium Income

// Biz | Insurance Industry Records N250bn Gross Premium Income
Email to a friend Plain text Print version // Font size: Decrease font Enlarge font

The insurance industry recorded N250 billion Gross Premium Income in 2012, the Commissioner for Insurance, National Insurance Commission (NAICOM), Mr Fola Daniel, has said.

Daniel made this known at the Chartered Insurance Institute of Nigeria (CIIN) 2013 Annual Dinner on Friday night in Lagos.

The event featured the Investiture of Mr Fatai Kayode Lawal as the 45th President of the institute.

Daniel said that the increase from N157 billion in 2010 to N250 billion was due to the implementation of the Market Development and Restructuring Initiative (MDRI).

“The realities of the past three years show that the number of those insured increased from 500, 000 to 1.5 million in 2012.

“This shows that the number of the insuring public tripled within three years.

“Foreign equity ratio also increased from three in 2010 to 10 in 2012, while capacity in the oil and gas sector, which was less than 10 per cent, increased to 40 per cent in 2012,” Daniel said.

According to him, in spite of these achievements, the industry has a long way to go to meet up with developed countries including South Africa.

The NAICOM commissioner urged the new CIIN president to ensure that his administration would build on the success of the initiative.

He said that the CIIN was in the best position to bring the industry players together to chart the way forward.

He urged that the institute should have a think tank to deliberate on national issues and advise accordingly.

Daniel gave the assurance that the commission would continue to take corrective steps to move the industry forward as part of its regulatory mandate.

He said that the commission’s disciplinary actions were designed to develop the insurance industry.

The Chairman of the occasion, Mr Akintola Williams, urged insurance operators to provide the best way to tackle risks in the face of threats to businesses.

Williams, a former President, Institute of Chartered Accountants of Nigeria, urged all professionals to be in the vanguard of tackling the nation’s problems.

He said that professionals were aware of the Federal Government’s good intentions through its transformation agenda.

Williams hoped that the insurance industry pool of funds would help operators to tackle emerging risks as well as provide a platform to check foreign invasion of the industry.

The immediate past CIIN President, Dr Wole Adetimehin, urged Lawal to keep the institute’s flag flying.

He urged members of the institute and the media to cooperate with Lawal to make his tenure successful.

In his acceptance speech, Lawal promised that his administration would hasten the construction of the College of Insurance and Financial Management.

NAN reports that Lawal was a former Chairman of the College of Insurance and Financial Management Board.

He was also a Chief Examiner of the CIIN.

Tagged : No tags for this article

Headlines Newsview all

Residents catch mad woman with N100,000, ATM cards, and BlackBerry phones

A woman said to be mentally-challenged escaped being lynched by an angry mob on Wednesday after she was allegedly caught with N100,000, two BlackBerry phones ...

Uwem Job Beheads Cousins, Injures Two Others in Akwa Ibom State

A 35-year old man, Mr. Uwem Job, on Wednesday, beheaded two of his cousins, Mr. Akaninyene Job, 45; and Ezekiel Job, 36 in Ikot Nkim, ...

Manager Godwin Tom Very Angry Wizkid Parted Ways With Him

Nigeria’s music industry has witnessed another fall-out between an artiste and a manager as pop sensation, Ayo ‘Wizkid’ Balogun, and Waje have parted ways with ...

80 Abducted Girls Escape From Boko Haram!

About 80 students of the Government Girls’ Secondary School in Chibok Local Government Area of Borno State, abducted by the Boko Haram insurgents on Monday ...

UK NGO Blasts Okonjo-Iweala For Protecting Corruption In Nigeria, Calls For Her Resignation

The Corner House, a United Kingdom non-governmental organization, has urged Ngozi Okonjo-Iweala, Nigeria’s Minister of Finance and Coordinating Minister, to resign her appointment if she ... Full story

Nigerian ‘Witch Hunter’ Pastor Helen Ukpabio To Be Banned From The UK

Campaigners are urging for Helen Ukpabio, known as 'Lady Apostle', to be deported and banned from returning to the UK on the grounds her preaches ... Full story

Ex Beauty Queen And Nollywood Legend Regina Askia Visits Nigeria

Regina Askia-Williams (born Imaobong Regina Askia Usoro, Lagos, Nigeria, 1967) is a Nigerian-born, American-based registered nurse (RN), healthcare and educational activist, television producer, writer, and ...

18 Year Old S3x Worker Oluwatosin Ami Gang-Raped To Death

Two gangsters have been arrested by Policemen attached to the Orile Police Division in Lagos State for allegedly raping and killing an 18-year-old commercial sex ...

One dead, many injured after rival cult groups fight over girlfriend

A 33-year-old man has been killed during a feud between two rival cult groups around Iba new site. Trouble, as gathered, started on Monday, April 14, ...

Bus somersaults on Third Mainland injuring four

At least four people sustained injuries after a passenger bus somersaulted on the Third Mainland Bridge, Lagos, on Tuesday. It was learnt that the incident occurred ...

Boko Haram Terrorists Abduct 200 School Girls In Borno State

Suspected Boko Haram insurgents on Tuesday abducted no fewer than 100 girls at the Senior Secondary School, Chibok, Borno State, following a violent attack in ... Full story

Comment on: Insurance Industry Records N250bn Gross Premium Income

Rate this article

0

Featured author

chuky01

Breaking News

Ex-hubby Olumide Okufulure: I Changed Laide Bakare’s Live With A 2 million Naira Chrysler Car & A 4matic Benz

Nollywood actress, Laide Bakare, may have been going through tough time, but the actress seems not ready to reply her critics over her husband’s recent ...

Actress cum Style Icon Genevieve Shine In Escada Outfit

Award winning Nollywood screen diva, Genevieve Nnaji, who casted in the film adaptation of Chimamanda's Half of a Yellow Sun, attended the private screening of ...

I Wasted My Time With You But No Regrets At All–WizKid’s Manager Tells Him

Nigerian recording Afro-pop artist Ayodeji Ibrahim Balogun, popularly known as WizKid, has parted ways with his Former Manager called Godwin Tom.The duo separated after a ...

Terrorism In Nigeria Is Spiritual –IK Osakioduwa

Do you have a story/gist for publication? Please email it to story@nigeriafilms.com LILILL Zamfara | 4/17/2014 1:14:07 PM I like GLJ, but the serious problem is that, ...

Rapper cum Makeup Artist Dishes Advises On Recounts Of Her 6Years Battle With Acne

Talented Nigerian female singer, Eva Elohor Alordiah, popularly known as Eva, is one Nigerian star that is known for her uniqueness and artistry talents. Recently, ...

Miss Universe winner takes organisers to court

Report reaching us has it that 19-years old 2013 Miss Universe Ghana, Hanniel Jamin, has sued Roberta Annan Consulting (RAC), organizers of beauty pageant in ...

IF HE HITS YOU, RUN!!!!!!! Just run!!!! Don't listen to no pastor or family member to 'stay' ; Fashion Designer Estella Ogbonna Recalls Her Domestic Violence Ordeal

17 months ago, I quietly walked away from an abusive marriage after just 8 months that felt like my whole lifetime!I was ashamed that I ...

Funmi Iyanda Talks About Half of a Yellow Sun

Showbiz big girl and top TV lady, Funmi Iyanda has few things to say about the film entitled, Half of a Yellow Sun. She started ...

It’s So Difficult For Me To Meet Single People-Yvonne Okoro

Half-Nigerian, half-Ghanaian actress, Yvonne Okoro, I guess the lots would be in her favour as she seems to be doing better than ever, career wise.But ...

Lillian Esoro heart has been broken, shattered, scattered

When it comes to relationships, The path some have found so smooth is the same path others may see as bumpy, uphill and rough. The ...