Insurers posted N363bn premium in 2017, says Efekoha

July 1st, 2018

From Edet Udoh, Lagos

The volume of business written by insurance companies grew from N315.96 billion in 2016 to N363 billion in 2017, the former Chairman, Nigerian Insurers Association (NIA), Eddie Efekoha, has said.

He disclosed this at the association’s 47th Annual General Meeting (AGM) in Lagos, adding that the growth represented an increase of 15 per cent over the 2016 figure.

Efekoha maintained that the industry operators in collaboration with the National Insurance commission (NAICOM) have embarked on various initiative to deepen insurance penetration. These initiatives according to him, included, the insurance industry roadmap; financial inclusion; micro insurance; bancassurance and the insurance industry rebranding project.

He noted that the association’s Unstructured Supplementary Service Data (USSD) initiative and other strategic efforts will increase insurance uptake by the public.

Meanwhile, the Managing Director, NEM Insurance Plc, Tope Smart, was elected as the Chairman of the association. Also elected as council members of the association were, Group Managing Director, AIICO Insurance Plc, Edwin Igbiti; Managing Director, Mutual Benefits Assurance, Segun Omosehin and Managing Director, Capital Express Company Limited, Mrs Bola Odukale. Six more members are expected to be brought into the council.

While addressing the members, the new Chairman, said he will do everything possible to move the industry forward. He called on members to support him in moving the industry forward.

He said the association will continue to collaborate with other arms of the industry and the National Insurance Commission.

Tope Smart is from Ijagba in Ondo State. He was born on the14th of April, 1964 at Omuo Ekiti in Old Ondo State now Ekiti State. He started his education from St. Silas Primary School, Omuo– Ekiti between 1970 and 1976.

He continued his Secondary Education within the same vicinity by attending the Community Grammar School, Omuo Ekiti where he completed his O’ level examination and emerged as the overall best graduating student in 1981.

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