L-R: A past Chairman of NIA and Former MD, LASSCO Assurance Plc, Ladipo Ajayi; DG NIA, Yetunde Ilorin, Immediate past chairman of NIA, Eddie Efekoha, and Commissioner for Insurance, National Insurance Commission, Alhaji Mohammed and Mr. Tope Smart, the Chairman, NIA at the 47th Annual General Meeting of the association in Lagos on Thursday. June 28, 2018



The Nigerian Insurers Association (NIA), has disclosed that volume of business written by the market grew from N315.9 billion in 2016 to an estimated N363 billion in 2017 financial year.

This represents an expected increase of 15 per cent over the 2016 figure.

Addressing member companies at NIA 47th Annual General Meeting in Lagos, the immediate past chairman of the association Eddie Efekoha highlighted epileptic power supply, dilapidated roads and other public facilities, a suffocating tax regime among others as factors that have imparted on the bottom line of insurance firms within the period.

Efekoha, who is the Managing Director of Consolidated Hallmark Insurance Plc, pointed out that the industry operators in collaboration with the regulator have embarked on various initiatives to deepen insurance penetration.

The initiative, according to him include: insurance industry roadmap; financial inclusion;micro insurance, bancassurance; insurance rebranding project, the association’s USSD initiatives; other strategic efforts amongst others as initiatives that will increase insurance uptake by the public.

On achievements recorded within the two years in office Efekoha highlighted the construction of NIA tower project, engagement in several activities that enhance business, sponsorship of insurance industry transformation project: Vision 2017 among others.

He commended the National Insurance Commission (NAICOM) and other professional bodies for their collaboration and immeasurable support that made his tenor a huge success.