By ABDUL-KHALIQ OLALEKAN
A total of 58 insurance companies in the country were able to record N350 billion premiums from insurance businesses they undertook in the 2015 financial year.
This was a 19 per cent increase from N249 billion posted in the 2014 financial year.
Disclosing this at the 45th Annual General Meeting of the Nigerian Insurers Association (NIA) in Lagos today, the Immediate Past Chairman, NIA, Mr. Godwin Wiggle said this is a serious feat, taking into consideration, the financial crisis rocking all sectors of the economy.
Speaking further, he said epileptic power; infrastructural decay and liquidity squeeze occasioned by falling oil price and the slow pace with which new government approached governance impacted negatively on the business of insurance in the year under review.
Innovations and improved service delivery by member companies as well as the growing confidence in the insurance system by the general public, he added, were factors that impacted positively on the profitability of the industry.
Comments are closed.