NAICOM Targets N1trn Gross Premium Income By End Of 2023
L-R: Managing Director/CEO, SUNU Assurances Plc, Sammy Ogbodu; Mr Rasaaq Salami, the Head, Corporate Communications and Market Development of NAICOM; Chairman Publicity-Sub Committee/Managing Director/CEO of Royal Exchange General Insurance Company (REGIC), Ebelechukwu Nwachukwu; Executive Secretary/CEO, Nigerian Council of Registered Insurance Brokers (NCRIB, Tope Adaramola and Managing Director/CEO, NSIA Insurance Ltd, Moruf Apampa, at the media briefing held recently in Lagos.
The National Insurance Commission (NAICOM) is optimistic that the Nigerian insurance industry can grow its Gross Premium Income (GPI) to N1 trillion by the end of 2023.
This was disclosed by the Head, Corporate Communications and Market Development of NAICOM, Mr Rasaaq Salami during a media briefing shortly after Insurers Committee Meeting held in Lagos.
Before giving a breakdown on the Industry performance for the period 2021-2024, Salami said the industry has done well both in area of gross premium income and in the area of claims payment in 2023.
According to him, in 2021 we had gross premium income of N621billion and by 2022 we had N727 billion and by half year of 2023 we had N551 billion. With third quarter report, we have already exceeded the annual premium of last year and by the time we closed the year we might be hitting the N1trillion mark and based on that assessment we think the industry has performed very well.
“We may not be where we are supposed to be but we have moved from where we were to another height.”
In her speech, Chairperson, Publicity-Sub Committee who also doubles as the Managing Director/ CEO of Royal Exchange General Insurance Company (REGIC), Ebelechukwu Nwachukwu, listed digitalization, product development, ongoing engagements with stakeholders as some of the focus of the industry in 2023 that will continue in 2024.
She noted that ‘customer is serious’ is the focus of almost all underwriters not just selling the products but customers experience when they do business with insurance companies are the most important.
On customer’s ability to reach insurance companies, Ebelechukwu stated that customers now have various platforms to reach their insurance companies more than ever before in 2023 even as she assured that more of these channels will be introduced to boast insurance penetration and businesses going forward.
Source: BusinessToday
