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Insurers generate N1.7tr in six years

By Rosemary Onuoha

THE Nigerian Insurers Association (NIA) has said that insurance companies generated about N1.72 trillion gross premium in six yeaom 2011 to 2016.

Analysis of the 2016 annual report of the Association revealed that between 2011 and 2015, life insurers posted N447.59 billion; non-life operators made N896.24 billion,    while combined premium generated was N380 billion in 2016 alone.

The breakdown revealed that life operators made N54.55 billion in 2011; N69.97 billion in 2012; N80.42 billion in 2013; N108.58 billion in 2014 and N134.07 billion in 2015.

Non-life operators posted N163.19 billion in 2011; N182.17 billion in 2012; N187.42 billion    in 2013; N184.97 billion in 2014 and N178.49 billion in 2015.

Chairman of NIA, Mr. Eddie Efekoha said the  volume of business underwritten by the insurance industry in 2016 was estimated at N380 billion as against N311 billion approximately underwritten in 2015, representing    22.2 per cent decline.

Meanwhile, total assets of underwriters in 2015    stood at    N894.88 billion, while those of reinsurers stood at N46.40 billion, amounting to N941.28 billion.

NIA noted that Leadway Assurance Limited has largest asset base    of N137.97 billion, followed by AIICO Insurance Plc, N80.72 billion and NICON Insurance Plc, N39.39 billion. It said Continental Re. has N26.53 billion, while Nigeria Re. has N19.87 billion.

The NIA also reported that it got N160.47 million as proceeds from data upload on Nigerian Insurance Industry Database (NIID) in 2016.

The balance in the account of the NIID as at the beginning of last year was NN62.12 million, N225, 000 was received and N1.23 million stood as interest accrued on the account.

The Association noted that over eight million motor insurance certificates have been captured on NIID within the period of six years.

Efekoha stated that in the association’s desire to extend the coverage of the NIID to other states of the federation, it encountered the challenge of network coverage and internet connectivity, adding that the association is taking steps to resolve the issue through the deployment of Unstructured Supplementary Service Data (USSD) code.

He noted that the marine module has been running and member companies are daily uploading on the platform, adding that at the end of May 2017, 33 member-companies have uploaded 65,000 marine policies. He urged members to continue to upload their marine policies, stressing that plans are being made to bring other stakeholders into the scheme.


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