46 insurance firms have less than 2% market share – NAICOM

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) has revealed that 46 out of 57 insurance and re-insurance firms have less than two per cent of the insurance industry market share.

According to the 2016 financial performance of insurance companies published on the website of NAICOM, Leadway Assurance Limited, has the largest shares both in Life and Non Life insurance businesses. It has a controlling share of 10.69 per cent in the Non Life and 25.36 per cent in Life business.

AIICO Insurance occupies the second position in Life business with 17.80 per cent.

According to NAICOM, in Life business, Lasaco Assurance, has 1.79 per cent; UBA Metro Life, 1.68 per cent; Standard Alliance Life, 1.47 per cent; Cornerstone Insurance, 1.45 per cent; Industrial and General Insurance, 1.23 per cent; Ensure Insurance, 1.00 per cent; Wapic Life Assurance 0.99 per cent; Old Mutual Nigeria Life, 0.81; NSIA Insurance, 0.69 per cent; ARM Life, 0.66 per cent and UNIC Insurance, 0.13 per cent.

No account was given about Alliance and General Life; Spring Life Assurance; Goldlink Insurance; Great Nigeria Insurance; NICON Insurance; Continental Re and Nigeria Re.

On Non Life, Linkage Assurance has 1.96 per cent; Law Union & Rock Insurance 1.96 per cent; NSIA Insurance, 1.94 per cent; Lasaco Assurance, 1.74 per cent; Old Mutual Nigeria, 1.68 per cent; Regency Insurance, 1.68 per cent; Ensure Insurance 1.49 per cent; Sterling Assurance 1.36 per cent; Prestige Insurance, 1.26 per cent; Standard Alliance Insurance 1.24 per cent and UnityKapital Assurance 1.09 per cent.

Others are, Industrial and General Insurance, 1.08 per cent; Saham Unitrust Insurance, 1.03 per cent; Niger Insurance, 0.99 per cent; Anchor Insurance 0.97 per cent; FBN General Insurance, 0.97 per cent; Equity Assurance, 0.97 per cent; Goldlink Insurance, 0.95 per cent; KBL Insurance, 0.89 per cent; Nigeria Agriculture Insurance Corporation, 0.88 per cent; Great Nigeria Insurance, 0.57 per cent; Guinea Insurance, 0.45 per cent; NICON Insurance 0.36 per cent; Nigeria Re0.36 per cent; FIn Insurance, 0.34 per cent and Universal Insurance, 0.28 per cent.

Alliance and General and Investment & Allied insurance have no details.

The Commissioner for Insurance, Mohammed Kari, who expressed worries over the growth of insurance industry said: “Notwithstanding Nigeria’s vast population, insurance had a mixture of myth, misunderstanding and ignorance defining it. Cultural issues and attitudes have continued to hinder the role of insurance in fast-tracking Nigeria’s economic growth.”

He noted that in keying into the Federal Government’s Financial System Strategy that visioned Nigeria of being a world’s top twenty economy by the year 2020, (FSS2020 development framework), the Commission initiated the “Market Development and Restructuring Initiative” (MDRI) in 2009, adding that the program has among its objectives, the promotion of public understanding of insurance; the building of confidence on the Nigerian Insurance Market, the enforcement and monitoring of compulsory insurances in Nigeria so as to grow premium income for the benefit of the Nigerian economy, thereby increasing insurance density and it’s contribution to GDP.

“Having completed the first phase of execution which was devoted to awareness creation across the six geopolitical zones, the Commission is now at the verge of kick-starting the second phase of the MDRI project which is focused on implementation and enforcement of compulsory insurances across the country,” he said.

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