Proposed 2018 Budget paves way for insurance growth …. Orimolade
The Managing Director Law Union $ Rock Plc. Mr Jide Orimolade has assured that proper harnessing of proposed 2018 budget presented by the Federal Government will promote the nation’s economy thus leading insurance growth.
Orimolade, who stated this in forum in Lagos noted that with “proposal of N8.612 Trillion budget with an improvement on capital expenditure which is 30.8% of the budget, Oil price is already $63.99 per barrel but budget proposal benched mark it as $45.
With improve revenue, decrease in domestic borrowing (as the government has planned to reduce their borrowing share to 60% domestic and 40% foreign) with signal of decrease on interest on Treasury bill, there would definitely be an improvement in economic bubbling. Customer purchasing power is expected to increase.
All things being equal (ceteris paribus), insurance is expected to have a better share, better penetration and improve gross premium written in coming year”, he predicted.
He pointed out the LUR was poised to take advantage on-going partnership between insurance industry and State Government for further improvement
“Besides, we also expect that the on-going partnership between insurance industry and State Government midwife by NAICOM to grow the income from the compulsory insurance policies”, he said.