Kari eyes over N80bn gross written premium from insurers in 2017


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Chuks Udo Okonta

The Commissioner for Insurance, Mohammed Kari, says there are indications that the insurance industry’s gross written premium for this year could climb over N400 billion as against the N320 billion recorded in 2016.

He told NAIPCO Trumpet that there is improved performance in terms of premium income in recent time, adding that compared to similar periods in the previous years, the industry’s total assets stand at N1005 trillion, while the gross written premium as at December 2016 stands at over N320 billion.

According to him, in a bid to deepen insurance business, NAICOM had granted window approval to 17 insurance companies to operate microinsurance and operating licenses were also given to two wholly Takaful companies.

Kari noted that there would be substantial improvements in all facets of the industry in the next two years, stressing that the commission sees a lot of positives, going forward. He said NAICOM is in the process of concluding an industry development master plan in conjunction with the Federal Ministry of Finance.

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