By Patience Saghana
With assets base of about N20billion, Niger Insurance is set for 2010 business opportunities which the company had garnered over the past five years built on its legacy ofÂ trust and ethical values.
Dr Justus Uranta, Managing Director of Niger Insurance Plc confirmed this to Vanguard that Niger Insurance inherited a high standard that ensures its sustenance in last 58 years.
Uranta noted that the company has expanded its branches nationwide in order to be able to reach more Nigerians with six regional offices across the states to supervise the branch offices.
He said that Niger Insurance hasÂ 41 branch networks in the 36 states of the federation and has improved its Information Technology for more efficient service delivery io its teeming clients.
Niger Insurance, Uranta pointed out, has enhance its marketing strategy in order to maintain and sustain legacy of trust and ethical values for which the company is known for.
The company, the Niger Insurance boss said is well aware and conscious of the quality of its marketing team to represent the insurance company for what it stands for anywhere and anytime while carrying out its duties.
He said though insurance companies were overcast by depressed underwriting results, negative investment yields and capital constraints, the stage appears set for markets to return to a â€˜back-to-basicsâ€™ policy that would allow the industry to improve its â€˜terms of tradeâ€™ in an effort to increase profitability from the liability side of balance sheet
While some companies have reported loss, he admitted, most of the companies had to be content with a contraction on their earlier earnings. While the investment income has dried up, the technical income has fallen substantially for several local companies last year but said that Niger insurance has not been shaken by all the challenges of last year of the companyâ€™s solid asset base and liquidity.
In spite of that, Uranta said that developing countries like Nigeria are expanding at accelerated growth rates. Most of their nationals are commanding a lot of wealth creating the inevitable need for financial protection through insurance cover.
He remarked, â€œGovernments are expected to ensure that there is stability in the insurance market in order to protect investors and policyholders. And that the government is doing through the establishment of a strong supervisory authority like the National Insurance Commission (NAICOM) that handles issues such as licensing, capital adequacy and corporate governanceâ€â€.
â€œThe supervisory authorities in the continent should have both capital and human resources to do the job, because countries without the right levels of regulation are likely to fail in the globalized environment. Industry supervision should ensure that companies adhere to all the tenets of good corporate governance as a basis of operations and doing business, noted Uranta