The director-general of the Nigeria Insurers
Association (NIA), Sunday Thomas has said
that the industry was set to achieve a
premium volume of N6trillion and total
market asset base of N16trillion by the year
2020.
Thomas, who made the disclosure at an
Insurance forum organised by Access Bank
Plc also said the industry was expected to
move from current employment of about
10,000 to generate employment of not less
than 300,000 and increase penetration
(Contribution to GDP) of 15 per cent from
the current inconsequential 0.3 percent.
Thomas expressed optimism that the
achievement of a density (Premium per
Capital) of $ 256 was realistic in the next
four years.
Other expectations include reduction of
insurance Gap from 94 per cent to less than
30 per cent, inculcation of insurance culture
among the citizenry and full adoption and
implementation of solvency focused and
risk- based supervision.
These expectations are coming just as the
federal government announced new steps to
address the current poor performance of
insurance in the country.
Minister of finance, Mrs Kemi Adeosun, said
at the just concluded West African Insurance
Companies Association (WAICA) in Lagos,
that in line with the move to diversify and
develop the economy, government sees the
sector as strategic tool that should be
effectively utilised towards the attainment of
the goal.
Adeosun, who was represented at the event
by the director of ffficiency unit in the
ministry of finance, Mrs Patience Oniha, said
there was a strong link between insurance
market development and economic
development, adding that the commonly
used index of measuring the development of
insurance in an economy is market
penetration which is the ratio of total
insurance premiums to the gross domestic
product(GDP).
According to the minister, insurance
contributes less than one per cent to the
GDP but to reverse the ugly situation, she
said the government was committed to
identifying the challenges and taking steps
to address the current poor performance of
insurance in the country.
“It is on this premise that in February, earlier
this year, I inaugurated the Consolidated
Insurance Bill Review Committee in a move
that seeks to make the bill conform to the
ideals of contemporary insurance practice
as well as facilitate public awareness and
consumer protection.
“We are optimistic that the work on the bill
and its eventual passage to law would
positively change the face of insurance
regulation and practice in our country,
Nigeria,” she said.
Adeosun called on the Nigerian Insurance
Industry to fully cooperate with the
committee setup to review the industry’s bill
so as to come up with a draft that would be
the impetus for rapid growth not only for
their sector but the nation and in particular
all consumers of insurance services alike.
Association (NIA), Sunday Thomas has said
that the industry was set to achieve a
premium volume of N6trillion and total
market asset base of N16trillion by the year
2020.
Thomas, who made the disclosure at an
Insurance forum organised by Access Bank
Plc also said the industry was expected to
move from current employment of about
10,000 to generate employment of not less
than 300,000 and increase penetration
(Contribution to GDP) of 15 per cent from
the current inconsequential 0.3 percent.
Thomas expressed optimism that the
achievement of a density (Premium per
Capital) of $ 256 was realistic in the next
four years.
Other expectations include reduction of
insurance Gap from 94 per cent to less than
30 per cent, inculcation of insurance culture
among the citizenry and full adoption and
implementation of solvency focused and
risk- based supervision.
These expectations are coming just as the
federal government announced new steps to
address the current poor performance of
insurance in the country.
Minister of finance, Mrs Kemi Adeosun, said
at the just concluded West African Insurance
Companies Association (WAICA) in Lagos,
that in line with the move to diversify and
develop the economy, government sees the
sector as strategic tool that should be
effectively utilised towards the attainment of
the goal.
Adeosun, who was represented at the event
by the director of ffficiency unit in the
ministry of finance, Mrs Patience Oniha, said
there was a strong link between insurance
market development and economic
development, adding that the commonly
used index of measuring the development of
insurance in an economy is market
penetration which is the ratio of total
insurance premiums to the gross domestic
product(GDP).
According to the minister, insurance
contributes less than one per cent to the
GDP but to reverse the ugly situation, she
said the government was committed to
identifying the challenges and taking steps
to address the current poor performance of
insurance in the country.
“It is on this premise that in February, earlier
this year, I inaugurated the Consolidated
Insurance Bill Review Committee in a move
that seeks to make the bill conform to the
ideals of contemporary insurance practice
as well as facilitate public awareness and
consumer protection.
“We are optimistic that the work on the bill
and its eventual passage to law would
positively change the face of insurance
regulation and practice in our country,
Nigeria,” she said.
Adeosun called on the Nigerian Insurance
Industry to fully cooperate with the
committee setup to review the industry’s bill
so as to come up with a draft that would be
the impetus for rapid growth not only for
their sector but the nation and in particular
all consumers of insurance services alike.
, Sunday Thomas has said that the industry was set to achieve a premium volume...){kind=link}
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