Businesses written in the 2021 financial year brought in N560 billion for the Nigerian insurance sector.
At the Nigerian Insurers Association’s 51st annual general meeting, held in Lagos, outgoing Chairman Mr. Ganiyu Musa made this announcement.
Olusegun Omosehin, the Managing Director/Chief Executive Officer of Old Mutual Nigeria Life Insurance Company Limited, was introduced as the new chairman of NIA during the meeting, which also introduced the new executives.
According to Musa, the association had launched a number of measures to increase insurance penetration in conjunction with the National Insurance Commission.
According to him, more people were expected to purchase insurance as a result of programs like financial inclusion, microinsurance, the association’s NIIP effort, and other strategic market development activities.
One of the key problems facing member companies, according to him, is how capital is defined for the purpose of the recapitalization exercise.
The Insurance Act of 2003’s definition of capital and the commission’s interpretation of it, he claimed, had fallen well short of industry best practices for regulating the insurance and financial sectors and would harm the member companies.
He said, “The association subsequently engaged the commission on the need to find an acceptable definition of capital in line with what obtains in other jurisdictions. Presentations were subsequently made by NIA, NAICOM, and KPMG at the various sessions and the agreed position was presented to the Federal Ministry of Finance, Budget, and National Planning for inclusion in the Finance Act”.
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