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Chuks Udo Okonta
Eleven out of the 18 unquoted insurance companies in the country presently occupy bottom of the industry’s business pyramid, a report has revealed.
According to the report which detailed the market share of each underwriting firm, these unquoted firms have less than one per cent of the industry’s market share.
The report showed that firms such as, Leadway Assuarnce Limited with 13.29 per cent share; FBNInsurance Limited, 2.43 per cent; Zenith General Insurance Company Limited, 2.63 per cent and few others have distinguished themselves and are robbing shoulders with the quoted firms. While Sterling Assurance Nigeria Limited, 0.89 per cent; Zenith Life Insurance Company Limited, 0.79 per cent; Capital Express Assurance Limited, 0.65 per cent; KBL Insurance Limited, 0.63 per cent; UBA Metropolitan Life Insurance Limited, 0.60 per cent; Wapic Life Assurance Limited 0.22 per cent and 11 others are at the bottom, striving for public recognition.
According to the National Insurance Commission (NAICOM) the proposed distribution channels would assist firms in this category. The commission which is working assiduously to open up insurance space, says it hopes to create over 10,000 jobs with the channels which would help enlarge the market shares of firms presently considered as fringe players.