Insurance

Consolidation has enhanced insurance growth – Efekoha

Efekoha

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Chuks Udo Okonta

The Chairman, Nigerian Insurers Association (NIA) Eddie Efekoha, says consolidation has brought good fortune to the insurance industry.

Efekoha, who spoke on Channels Television, noted that consolidation is the way to go for the insurance industry, stressing that consolidation remains a plus to the industry.

He said the industry’s consolidation has helped shore up the Premium Gross Income of Consolidated Hallmark Insurance Plc, which he is the Managing Director, to over N6 billion, adding that prior to consolidation, one of the firms that merged with two others to form his company was generating less than N1 billion.

He maintained that the consolidation exercise has helped organisations in meeting their claims, giving better returns to investors and improved training for staff.

Efekoha lauded the envisaged risk based regime, stressing that it would enable insurers undertake risks inline with their capacity. He added that regulatory induced reapitalisation seemed not to be a good option, as it compels organisations as against risk based which is done willingly.

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