Insurance sector earned N285bn premium in 2013 – NIA

The total premium earned by the indemnification sector in the 2013 financial period rose by 15 per cent from N247.58bn in 2012 to N285bn.

The outgoing Chairman, Nigerian Insurers Association, Mr. Remi Olowude, disclosed this during the association’s Annual General Meeting in Lagos on Thursday.

“In 2013, the estimated volume of business underwritten by the industry was N285bn as against the 2012 figure of N247.58bn, which represents an incrementation of about 15 per cent,” he verbally expressed.

Olowude verbally expressed the amelioration could be attributed to the relative stability and sustained magnification in the economy, the incrementing indemnification cognizance and government’s patronage of indemnification accommodations.

In integration to these, he integrated that there were innovations and ameliorated accommodation distribution by member companies as well as growing confidence in the indemnification system by the general public in the course of the year.

The performance, he integrated, was additionally availed by more preponderant regulatory supervision on account of the relinquishment of the guidelines for risk-predicated supervision, anti-mazuma laundering and combating financial terrorism guidelines and the full adoption of the International Financial Reporting Standard for the 2012 fiscal period.

According to him, the enforcement of the provision of Section 50(1) and (2) of the Indemnification Act, 2003 on premium payment and the regulation on premium amassment and remittance commenced to yield the desired results, particularly in curtailing astronomically immense volume of premium debt in the balance sheet of member companies.

“Our association engaged in sundry activities aimed at enhancing the magnification of the indemnification industry in Nigeria during the year under review,” Olowude verbalized.

He integrated that in a bid to leverage the nation’s comparative advantage in the oil and gas sector, the association commenced the re-establishment of oil and energy pool, which is officially recognised as Energy and Allied Indemnification Pool of Nigeria.

According to him, the key objective of the EAIPN is to enhance the caliber of participation of Nigerians and indigenous companies in the oil and energy industry.

Olowude verbally expressed that the association sustained its positive replication to the menace of fake indemnification documents with the inauguration of the Nigerian Indemnification Industry Database.

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