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

70% of candidates fail 2014 WASSCE

Of the 246,853 candidates who sat for the November/December 2014 West African Senior School Certificate Examination, only 72,522 candidates, representing 29.37 per cent, obtained credits ... Full story

Mr. Ibu Shows Off Massive Weight Loss In New Photos

Well, Mr. Ibu seems to have lost quite a lot of weight lately! Most likely for height reasons, he's channelling Rick Ross ... Full story

Boko Haram Kill 32; Kidnap 185 Women And Children In Borno

Multiple sources have it that Boko Haram, the deadly sect waging an insurgency against the state have killed 32 people in Borno State, and kidnapped ... Full story

Alhaji Bappa Tilde, Ex-Bauchi Accountant-General Shot Dead

Former Accountant-General of Bauchi State, Alhaji Bappa Tilde who was abducted last Saturday has been killed. According to residents, Tilde, 72, was brought by his abductors ... Full story

Inmate dies in prison after six adjournments to his trial

A man who was remanded in prison for attempting to steal his brother's money from an ATM has died due to the ineptitude of prison ... Full story

Seyi Shay Grabs Wizkid's Crotch in New Video

So, Seyi Shay and Wizkid featured in this new video titled 'Crazy', and Seyi Shay seems to have done something very crazy; she grabbed Wizkid's ... Full story

Couple tortured by police sue for N100m

The couple brutalized by a police corporal in Lagos, Ejeh and Grace Smith, is suing the police authorities for damages. The Lagos couple that was brutalized ... Full story

Boko Haram Abducts 185 Women, Kills 32

Boko Haram insurgents kidnapped at least 185 women and children, and killed 32 people in a raid in northeastern Nigeria this week, local officials and ... Full story

Gospel Musician Kenny Saint Brown Says APC Stole Her Mandate For Lai Mohammaed's Son

Gospel singer, Kenny Saint Brown does not believe she lost out in the APC primary elections but rather her mandate was stolen Gospel singer, Kenny Saint ... Full story

Boko Haram Threatens To Attack Emir of Kano, Muhammadu Sanusi II

Boko Haram leader, Abubakar Shekau, has threatened to attack the Emir of Kano, Muhammadu Sanusi II, in retaliation for the Emir’s call on Kano residents ...

Police arrest power-drunk cop’s team members in the Lekki area of Lagos State

The police have arrested other six cops at the scene of the torture of a couple in the Lekki area of Lagos State. A police source ... Full story

Comment on: Insurance Industry Records N250bn Gross Premium Income

Rate this article

0

Breaking News

AGN President, Ibinabo Gushes over Husband after Stepping out of Church (Photos)

‘He, who finds a wife, finds a good thing and obtains favour from the Lord.’ This is the current tale of Actors Guild of Nigeria’s ...

Photos From Daystar Christain Centre Christmas Carol

Members, friends and families worshiped God in an atmosphere of joy and laughter on Sunday December 14th at one of the most anticipated Carol Concerts, ...

If Your Wife Was Fat, You Wouldn’t Have Married Her…..Fan Blast Paul Okoye

Social media banters has hit Nigeria’s adored singer, Paul Okoye after he posted a picture of girl who attempts to use scissors to cut her ...

Why My Marriage Crashed – Alex Okoroji

Alex Okoroji, daughter of ex-musician and PMAN President, Chief Tony Okoroji has revealed why her marriage crashed like a tokunbo car engine. The actress confessed that ...

Married Chief Tony Okoroji's Daughter Back To Spinsterhood

While some celebrities are happily tying the knots in 2014, others are as well walking out of their marriages and long relationships. The latest to return ...

VIDEO: Daddy Showkey ft. HarrySong – Asalamabeez

Story by Nigeriafilms.com Last Updated:7 minutes ago Brand new visual from Nigerian music icon, Daddy Showkey. He teams up with Five Star Music’s HarrySong on this one. ...

Exclusive Marriage Update: AGN President, Ibinabo Finally Signs Marriage Documents

Nigeriafilms.com correspondent at the ongoing White wedding of the Actors Guild of Nigeria’s President, Ibinabo Fiberesima, says the wedding has commenced immediately after the marriage ...

Oil workers suspend nationwide strike

Oil workers under the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Petroleum and Natural Gas Worker (NUPENG) ...

Onigbinde urges Keshi to quit Eagles

Former Nigeria coach, Adegboye Onigbinde, said he has personally written to out of contract Super Eagles coach, Stephen Keshi, to quietly seek greener pastures elsewhere.Several ...

Pastors Are Ogboni Members – Otunba Meshioye

OTUNBA-FRACIS-OLUWAGBENRO Otunba Francis Meshioye, Olori Oluwo of the Reformed Ogboni Fraternity (ROF) made some revelations recently. The supreme leader of Ogboni in Nigeria said some popular ...