Business
Nigerian Insurance Industry’s Capitalisation Hits N337bn
The Commissioner for
Insurance, Mr Fola Daniel, has said the Nigerian Insurance Industry overall capitalisation has grown to N337 billion.
The commissioner announced this while presenting a keynote address at the 2015 Maiden Insurance Mega Conference in Abuja recently.
According to Daniel, the sector’s capitalisation grew from N98 billion in 2007 to N337 billion in 2010.
Daniel also said that the Gross Premium Income (GPI) increased to N303 billion in 2014 from N100 billion in 2007.
He said that the professionalism exhibited by practitioners in the sector contributed to the growth and making Nigeria the second largest insurance market in Africa.
According to him, the Industry rose from the fifth position it occupied in 2007 to second best in 2014.
He said the reasons for recording the tremendous growth in the industry was largely due to effective utilisation of all opportunities created by legislation through appropriate guidelines of National Insurance Commission (NAICOM).
“Now, we have better compliance with insurance legislation both by operators and consumers as there is substantial increase in the level of compliance especially, in compulsory Insurance” he said.
Daniel urged the federal government to constantly emphasise the importance of risk management through insurance mechanism.
“The Industry has potential to be a major driver for advancing national development.
“As a matter of fact, for a country to develop its economic endowments, it must first have supportive insurance Industry” he said.
The Tide source reports the conference was organised by Insurance Industry Consultative Council (IICC) with the theme “Developing Insurance Business for National Growth.”
The council members are the Chartered Insurance Institute of Nigeria (CIIN), Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB) and Institute of Loss Adjusters of Nigeria (ILAN).
3000 delegates are expected to participate in the conference.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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