From left: Deputy Chairman, Nigeria Insurers Association (NIA), Ms Yetunde Ilori; Chairman NIA, Eddie Efekoha; Ag Director General NIA, Mrs Lawumi Idowu a Past Chairman, NIA, GUS Wiggle; MD Cornerstone Insurance, Ganiyu Musa and Past Chairman, and Past Chairman, Oye Hassan-Odukale (right) at the 46th Annual General meeting of NIA in Lagos.
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Chuks Udo Okonta
The estimated volume of business underwritten by the insurance industry in 2016 was estimated at N380 billion as against N311 billion underwritten in 2015, the Chairman, Nigerian Insurers Association (NIA), Eddie Efekoha, has said.
He disclosed this today at the 46th Annual General Meeting (AGM) of the association in Lagos. He added that the price of crude oil; epileptic power supply; cut throat inflation; internal conflicts between herdsmen and farmers; a near comatose economy and the prolonged recession had serious consequences on the operations of insurance companies.
He expressed optimism that in spite the challenges posed by the economy, the suspension of the Federal Reporting Council Code of Corporate Governance, implementation and improved compliance with no premium no cover especially by the Federal parastatals and ministries departments and agencies, improved Anti-Money Laundering mechanism, full implementation of the International Financial Reporting Standard (IFRS); improved enforcement of the compulsory insurances; renewed vigor by the government to improve the Ease of Doing Business and other efforts, the insurance industry has continued to be the preferred investment destination for reputable players in the global insurance market.
