Insurance

General business insurers face dwindling gross premium income

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Chuks Udo Okonta

Insurance companies underwriting general business are presently contending with dwindling Gross Premium Income (GPI), Inspen can report.

According to a report obtained from the Nigerian Insurers Association (NIA), operators underwriting general business, wrote a gross premium income of N187.42 billion in 2013, it fell to N184.96 billion in 2014 and dipped to N178.49 billion in 2015.

The report revealed that the continuous fall was because of drops in the various business classes. It noted that motor insurance income fell from N42.84 billion in 2014 to N39.84 billion in 2015; marine and aviation fell from N20.71 billion to N19.53 billion; Workmen’s compensation from N270 million to N205 million; Miscellaneous from N12.26 billion to N6.67 billion and oil and gas from N52.87 billion to N51.87 billion.

The Deputy Commissioner Technical, National Insurance Commission (NAICOM), Sunday Thomas, who expressed worry over this development at the just concluded Chartered Insurance Institute of Nigeria (CIIN) 2017 Professional Forum in Abeokuta, Ogun State, said life business is gradually taking over from general business. He urged general business operators to redouble their efforts and embrace retail business to enhance their operations.

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