PreviousNext

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

IPOB Cries Out: South East Governors Have Sold The Igbos

The Indigenous People of Biafra, (IPOB) has condemned the South East governors and politicians of trading off Ndigbo course for personal and selfish political interest. The ...

Tiwa Savage’s Husband Tunji 'Teebillz' Balogun Tries To Commit Suicide On The Lekki- Ikoyi Toll Bridge

When Teebillz shared his suicide note Thursday morning on Instagram while pouring his heart out about the demise of his marriage to Tiwa Savage, many ... Full story

EU To Deport Nigerians In Exchange For Aid

The EU and Nigeria will discuss a deal to send migrants back to Africa’s most populous country in order to curb migration flows into the ...

EFCC Arrests Nursing Mother, Others For Stealing Dead Man's N3.7m

Greed is pushing people to the extreme! The EFCC, on Thursday, arraigned the trio of Patience Owerema, Nwakoba N.Francisca and Okafor Kingsley before Justice Binta ... Full story

Kaduna Turns Bloody: 6 Dead, Governor El Rufai Stoned

Fight over a woman between two neighboring communities of Badarawa Kwaru and Unguwar Yero in Kaduna North local government area of Kaduna State has turned ... Full story

Exclusive: Balarabe Spits Fire, Says Buhari Is Weak And Incompetent

– Balarabe Musa said the atrocities being committed by suspected Fulani herdsmen across the country was because of the weakness of the government – President Buhari ... Full story

Read Shocking Explanation By Umer On How He Was Cleared Of Bribery By Attorney General

The Chairman of the Code of Conduct Tribunal, CCT, Justice Danladi Umar, has explained that contrary to the claim by the Senate President, Dr. Bukola ... Full story

20 Political Parties Want Saraki To Face Trial

No fewer than 20 registered opposition political parties in the country have called on the Senate President, Bukola Saraki, to come clean on the issue ... Full story

Buhari Condemns Attack By Fulani Herdsmen On Enugu Community And Orders Security Chiefs To Hunt Down Perpetrators

President Muhammadu Buhari has ordered security chiefs to hunt down those who perpetrated the attack on Ukpabu Nimbo community in Uzo-Uwani area of Enugu State ...

EFCC Apprehend Bank MD For Allegedly Helping Diezani Allison-Madueke Launder $115 Million Cash

Managing Director of a leading Nigerian commercial bank has been detained by the Economic and Financial Crimes Commission, EFCC, for allegedly helping former Petroleum Minister, ...

Breaking News: Army Arrest Major Boko Haram Suppliers

– Some Boko Haram logistics elements have been arrested by the army – The arrest was made  by troops of the 22 brigade on patrol through ... Full story

Comment on: Insurance Industry Records N250bn Gross Premium Income

Rate this article

0

Breaking News

Super Eagles Ogu Shares Lovely Picture Of Pregnant Wife

Hapoel Be’er Sheva midfielder John Ogu has shared an adorable picture of himself and his heavily pregnant wife Chiugo Akaolisa Ogu on Instagram. Ogu who has ...

Mary Onyali Fears Nigeria Might Fail Again At Rio Olympics

Former Nigeria athlete, Mary Onyali, has expressed fears over Nigeria’s medal prospects at the forth-coming Rio Olympics, highlighting inadequate planning as a major reason for ...

Nollywood Celebrities Hosted In Amsterdam By KLM Airline

Top Nollywood actors were yesterday, April 28, hosted at the Netherlands’s Kings Day celebration in Amsterdam, Netherlands. The Royal Dutch airline sponsored trip was led by ...

Redknapp Expected To Be Named New Super Eagles Coach

Former Tottenham Hotspur boss Harry Redknapp has been identified as the strongest candidate to be the new head coach of the Super eagles in a ...

Ideye Returns To Super Eagles

Brown Ideye is making a return to the Nigerian national team after he earned a call from the Super Eagles coach Salisu Yusuf on Wednesday. The ... Full story

Zidane Hopeful On Ronaldo

Zinedine Zidane is hopeful both Cristiano Ronaldo and Karim Benzema will be fit for Real Madrid’s Champions League semi-final second leg at home to Manchester ... Full story

Ex Eagles Keepers Hail Fantastic Enyeama

Former Nigeria goalkeepers Dosu Joseph and Joe Erico have hailed Lille shot stopper Vincent Enyeama after he was named among the top 10 goalkeepers in ... Full story

Tiwa Savage's Husband Nearly Committed Suicide In An Attempt To Jump Off Lekki-Ikoyi Bridge This Morning

Tiwa Savage's husband Tunji 'Teebillz' Balogun nearly killed himself as he tried to commit suicide after revealing shocking details about his cheating wife and broken ... Full story

Amber Rose Flaunts Wicked Curves And Massive Boobs On Instagram

Smoking hot! Cigarette-chomping Amber Rose puts on a busty display as she flaunts her wicked curves in sexy Instagram shoot.  32-year-old bald-headed s*xy model, Amber Rose ... Full story

Toolz Oniru In Nasty Drama With Fans After Revealing She Is Bleaching (Photos)

Newly married Nigerian OAP, Toolz Oniru who is famed for her massive hips and backside has been viciously criticized on social media by fans over ... Full story