Insurance

TBMSC: NAICOM lashes insurers for hiding under shareholders

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) has lashed some underwriters for hiding under their shareholders to work against the aborted Tier Based Minimum Solvency Capital (TBMSC) policy.

The Commissioner for Insurance Mohammed Kari, who expressed this recently, at a forum with members of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, condemned the step taken by the underwriters, stating that the commission would have been delighted to engage the aggrieved underwriters and find suitable solutions to their demand, if they were board to approach the commission.

He said hiding under a third party to fight policies enacted by the commission would not do the industry any good. He went further to commend the NCRIB members for their decision to engage the commission on the aborted State Insurance Producer (SIP) policy.

Kari called on operators to team up with the commission to move the industry to lofty heights.

At another forum, Kari noted that “It has become a common saying that Insurance is underperforming in Nigeria, with dismal percentages and unflattering comparisons trotted out to reinforce this position. While one may not disagree that the industry is performing less than optimal potential, the insurance industry has not been static.”

According to him, all the industry’s indices have grown steadily though at a slow pace over the past few years.

He said the gross premium as at the third quarter was N315 billion, a 22 per cent increase over the N258billion for 2017 in the same period. The Gross claim figure for third quarter 2018, he said was N143 billion, a 30 per cent increase over the N110 billion reported for the same period in 2017.

Kari maintained that the industry anticipate the final figures for 2018 to be significant indeed.

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