We expect massive growth in insurance industry in 2020 -Bode
Mr. Bode Opadokun, MD/CEO FBNGeneral Insurance
The Managing Director/Chief Executive Officer of FBNGeneral Insurance Limited, Mr. Bode Opadokun, said the Nigerian insurance industry expects massive growth in 2020.
Mr. Opadokun who made the disclosure in an interview with the Revealerng.com in Lagos, noted that foreign players will continue to find the Nigerian insurance industry attractive.
He said the adoption of technology by the industry players, will increase as they explore means of achieving cost reduction and process efficiency.
According to him, “We expect massive growth in the industry in 2020. Foreign players will continue to find the Nigerian insurance industry attractive. We envisage increased trends in mergers among fringe players.
“The Adoption of technology will increase as industry players explore means of achieving cost leverage and process efficiency. Innovation will become a critical differentiator among industry players. This is inevitable as consumer demands and tastes continue to evolve.”
While reviewing the industry’s performance in 2029, Opadokun rated the industry as performing above average. “The Nigerian insurance industry performed above average over the course of 2019. The improvement in the use of the Nigerian Insurance Industry Database (NIID) by underwriters for motor insurance businesses led to improvement in easy of capture of motor transactions.
“Although, in the interim, the industry still experiences a soft market cycle, where rates are increasingly declining and more so, consumer awareness on Insurance products grew on the backdrop of efforts of National Insurance Commission (NAICOM); Chartered Insurance Institute of Nigeria (CIIN) and Nigerian Insurers Association (NIA),” he said.
He said in 2019, the industry also witnessed the acquisitions of some companies by global insurance companies, adding that the industry envisage significant improvement in regulatory guidelines targeted at deepening the market opportunities.
On recapitalization, he said the number of market players is expected to reduce, adding that this will ultimately lead to better value propositions for the insuring populace and healthy competition among industry players.
