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

Boko Haram: Abducted Chibok School Girls Estimated To Be 234

The number of secondary school girls still under Boko Haram captivity is more than the figure widely circulated. There are 234 of them missing from the ... Full story

Lola Omotayo-Okoye Replies Haters Who Blame Her For Psquare Break Up

It seems people are beginning to blame Peter Okoye’s wife, Lola Omotayo for the sad Psquare’s separation. Fans are calling her all sorts of names like ... Full story

Paul Okoye Breaks Silence On Psquare Split

The Psquare Family: Peter and Paul Okoye with wives Lola Omotayo, Anita Isamah and children – Andre, Aliona and Cameron. As the on-going controversy in the ... Full story

12 injured as fire razes Oando filling station in Ogun

No fewer than 12 persons were Easter night injured in a fire that engulfed the Oanda filing Station, at Alagbole in Ifo Local Area Government ...

Mavin Artiste Dr. Sid Joins Nollywood

Dr. Sid, has made his Nollywood debut.   In the movie, ‘The Last 3 Digits’, the 33-year-old teams up with actor Nonso Diobi under directives of newly ...

How God saved us from bomb blast through T.B Joshua's 'anointing water'

Three survivors of the Nyanya bomb blast that killed over 70 people in Nigeria’s capital Abuja last week and left hundreds more injured recounted their ...

Musician Iyanya Visits Nyanya Bomb Blast Victims

Music artiste Iyanya has in no single doubt made it known that his foundation which he launched some weeks back, the IyanyaFoundation has started its ... Full story

The Truth About The Fight Between The Psquare Brothers

The supposed fight between Paul and Peter Okoye was actually started by their PAs. Jude's PA had given money to Peter's PA to get his ... Full story

Pictures From Wedding Ceremony Of Governor Alao-Akala's Son & Hadiza Okoya

Daughter of billionare Chief Razaq Okoya, Hadiza, married the son of former Oyo state governor , Olamiju. The wedding took place at the Okoya estate in ...

Pastor Kumuyi Of Deeper Life Ministry Collapses During Service

Information coming out of Deeper Life Conference Centre, venue of the ongoing Deeper Life Ministry Easter Retreat is not a good one at all and ... Full story

National Church Of Bey Is A New Church That Worships Jay-Z's Wife, Beyonce

Responding to widespread criticism and public outcry, the National Church of Bey founder Pauline John Andrews stated, “We are very disappointed in the failure of ... Full story

Comment on: Insurance Industry Records N250bn Gross Premium Income

Rate this article

0

Breaking News

Banky W Plays Bestman Role in Tiwa Savage & Tee Billz Wedding

It's no longer news that female Pop singer, Tiwa Savage and her husband/manager, Tunji Balogun, popularly called, Tee Billz are staging their fairytale white wedding ...

Genevieve Nnaji Storms Friend's Traditional Marriage in Nnewi

Genevieve Nnaji honoured her close friend, Linda Onyinye Chukwuma, during her traditional marriage in Nnewi, Anambra state yesterday. Onyinye Chukwuma is the daughter billionaire businessman ...

Yemi Alade Dazzles In Pink Outfit

Fast-rising and sensational Nigerian pop artiste, Yemi Eberechi Alade is a gorgeous and performing singer who debuted in the music entertainment industry in the year ...

Pictures From Hadiza Okoya, Olamiju Akala Lavish Wedding

Daughter of Nigerian billionaire industrialist, Chief Rasaq Akanni Okoya, Hadiza Okoya tied the knot with her hubby, Olamiju Akala, on Easter Sunday, April 20, 2014. ...

Sound Sultan joins Julius Agwu to Make Nollywood Debut

Do you have a story/gist for publication? Please email it to story@nigeriafilms.com GHG jong | 4/23/2014 7:55:33 AM M.T.N BONUS loopwow!!!, mtn is introuble, hey guyshere is the ...

Seun Kuti To Lead 'Fight' Against Boko Haram

For the very first time, a youth is finally leading protest against Boko Haram insurgencies in the country.Reports gathered has it that, son of late ...

Olamide emerge as MTV Base Awards nominee

Recall that that earlier in the year, MTV Base celebrated him at their head office in Lagos, as the Artiste of The Month of March, ...

WizKid’s Agbada Attire; Hot Or Not

Do you have a story/gist for publication? Please email it to story@nigeriafilms.com jinxove | 4/22/2014 11:12:00 PM I do not know about the atire, probably good for ...

Dencia Strikes Pose in New Vacation Photos

Controversial Singer Dencia is not moved by what people say about her, whether good or bad, all she knows is that, she is making her ...

Stephanie and hubby’s marriage turns 2 today

Nollywood actress Stephanie Okereke Linus and her husband got married on the 21st of April, 2012, she got married to her heartthrob Linus Idahosa in ...