Insurance Sector’s Premium Hits N302bn

The National Insurance
Commission (NAICOM) has said the Gross Premium Written (GPW) of the industry has hit N302.10 billion in the first quarter of 2015.
NAICOM’s Head of Supervision, Mr Nicholas Opara disclosed this in Ilorin at a recent workshop organised by the commission for insurance correspondents.
According to him, the N302.10 billion indicated an up shoot from N97.01 billion recorded in 2013.
“ This commission is happy to say that insurance sector has improved on a geometrical progression.
“ We have moved from 63th to 59th position, according to insurance performance analysis, released by Global Research Center in USA,” Opara said.
He pointed out that the total assets also shot up from N711.4 billion recorded in 2013 to N793.66 billion recorded in first quarter of  2014.
Opara said Insurance funds had increased from N334.85 billion in 2014 to 343.41 in first quarter of 2015.
“The Net Claims Incurred reduced from N90.39 billion in 2014 to N23.78 billion in the first quarter of 2015.
“Underwritten expenses declined from N56.85 billion in 2014 to 15. 60 billion in the first quarter of 2015, “ he said.
Opara, however, disclosed that the Net Profit declined from N28.43 billion in 2013 to N5.45 billion in the first quarter of 2015.
“The total liabilities increased from N422. 71 billion in 2014 to N444.41 billion in the the first quarter of 2015 while the shareholders funds also decreased from N352. 54 billion to N343.44 billion over the same period,” he said.
Opara linked some of the factors responsible for declined profit and shareholders funds to low awareness on insurance in the country.
He said giants strides taken by the commission to bring insurance to foremost position as obtained in South Africa and developed countries included the enforcement of compulsory insurances.