Insurance industry volume of business underwritten hovers N350 bn
Insurance Industry has disclosed that volume of business underwritten by the sector within the 2015 financial year stood at N350 billion.
The figure represents 19 per cent surge when compared with N294 billion recorded in the comparable period of 2014.
The feat, according to the immediate past Chairman of Nigeria Insurers Association (NIA), GUS Wiggle was achieved in spite of the harsh economic environment currently rocking every sectors of the nation’s economy.
Addressing members companies of the associations at its 45th annual general meeting held yesterday in Lagos, Wiggle opined;
” The Nigeria’s economic environment remained difficult in the year due to the persistent low prices of crude oil in the international market. The decline in oil prices since the second half of 2014 and which continued into 2015 can be associated with slow growth, falling budgetary revenues and pressures on the Naira.
The election of a new government led to many policy shift in the polity, the challenges of epileptic power was more pronounced, infrastructure decay and slow down pace with which new government approached governance had economic grave implications which also affected the insurance industry”, he said.
Wiggle noted that with full implementation of policies introduced into the sector in the recent time, the Nigerian insurance industry has continued to be preferred investment destination from renowned players in the world insurance market.
He highlighted the policies to include: code of corporate governance and improved enforcement of ‘No premium, no cover’.
Others according him were better adherence to the prudential Guidelines, full compliance with IFRS and improved
anti money laundering mechanisms coupled with the administrative acumen and ingenuity of Insurance industry chief executives