Lack of access to foreign exchange and continued depreciation of naira, among others have triggered high costs of operations for insurance operators last year. Chairman of the Nigerian Insurers Association (NIA), Olusegun Omosehin, disclosed this at the 52nd yearly general meeting of the association in Lagos. But for the economic downturn experienced in the year and its effect on all aspects of national life, he said, the Nigerian insurance industry would have done better. Omosehin said the industry also had a fair dose of the economic and socio-political problems bedeviling the country in the past year. Notwithstanding the challenges, he said, underwriting companies were able to grow premium income to about N726.2 billion last year, an increase of 33.9 per cent over N569.1 billion recorded in 2021. While he savoured the appreciation of shareholders for the successful efforts of the board and management to position the association for increased growth, he noted that NIA would continue to deepen insurance penetration. He promised that the association would continue to work closely with the National Insurance Commission (NAICOM) and other stakeholders within the financial and technology space to promote insurance and increase its contribution to the gross domestic product (GDP).

Guardian