Business
Insurance Industry To Achieve N1trn Premium By 2012 – NAICOM
Commissioner for Insurance, Mr Fola Daniel, on Monday said the commission had created opportunities for operators to realise N1 trillion premium by 2012.
Daniel said in Lagos that the opportunities were created through the Market Development and Restructuring Initiatives (MDRI) and the Nigerian Content Bill.
“As the regulator, what we need to do is to create opportunities, which I believe we have created through the Market Development and Restructuring Initiatives (MDRI),” he said.
Daniel said that the Federal Government had also created opportunities for the operators through the Nigerian Local Content Law.
According to him, the Nigerian Content is a multi-million dollar, euro and pound sterling businesses.
“When you translate this into naira you can see that the N1 trillion premium is achievable and that is where we must go,” he said.
The commissioner said that there were huge opportunities for the operators, adding that all they needed to do was to harness them and develop products to sell to the public.
“In the last three years, NAICOM has concentrated on laying a solid foundation for development and that it is left for the industry operators to cue in.”
He said that the N1 trillion was a must for the industry, adding that it had grossly performed below expectation.
The NAICOM chief said that the industry made below N300 billion with capital base in excess N500 billion.
Reports say that the MDRI was introduced in 2010 to ensure the public compliance with all the compulsory insurance as stipulated in the Insurance Act, 2004.
The compulsory insurances include: motor third party insurance, insurance of public and private buildings, and insurance of buildings under construction, healthcare professional indemnity and group life among others.