1 JULY 2016– Innovations and improved service delivery by member companies as well as the growing confidence in the insurance sector by the general public spurred insurance industry earnings in 2015 according to latest financial year report.
The sector produced stellar premium income of N350 billion, a 19 percent increase from N294 billion in 2015. Industry top executives say performance would have been much better if not the many risks which confronted them during the period under review. They listed policy shifts by government, epileptic power, infrastructural decay and liquidity squeeze occasioned by falling oil price and the slow pace with which new government approached governance as having impacted negatively on the business of insurance in the year under review.
This was disclosed on Thursday at the 45th annual general meeting of the Nigerian Insurers Association (NIA) held in Lagos in which Eddie Efekoha, managing director/CEO, Consolidated Hallmark Insurance plc, emerged as the new chairman of the Association.
He takes over from Godwin Wiggle, managing director/CEO, Linkage Assurance plc. While Yetunde Ilori, managing director/CEO, Axa Mansard Insurance, was elected deputy chairman, and Tope Smart, managing director/CEO, NEM Insurance, as honorary treasurer.
Wiggle delivering his handover speech said “with the full implementation of the corporate governance code, improved enforcement of “No Premium No Cover,” better adherence to the prudential guidelines, full compliance with IFRS and improved anti money laundering mechanism coupled with the administrative acumen and ingenuity of insurance chief executives, the insurance industry in Nigeria continues to be preferred investment destination from renowned players in the world insurance market.”
