Home Insurance Digest Insurance companies’ premium grows to N363bn in 2017

Insurance companies’ premium grows to N363bn in 2017

Insurance companies’ premium grows to N363bn in 2017

Stories by EDDY JOHN

The volume of business written by insurance companies grew from N315.96 billion in 2016 to N363 billion in 2017, the former Chairman, Nigerian Insurers Association (NIA), Eddie Efekoha, has revealed.

He disclosed this at the association’s 47th Annual General Meeting (AGM) in Lagos, adding that the growth represented an increase of 15 per cent over the 2016 figure.

Efekoha maintained that the industry operators in collaboration with the National Insurance commission (NAICOM) have embarked on various initiatives to deepen insurance penetration. These initiatives according to him, included, the insurance industry roadmap; financial inclusion; micro insurance; bancassurance and the insurance industry rebranding project.

He noted that the association’s Unstructured Supplementary Service Data (USSD) initiative and other strategic efforts will increase insurance uptake by the public. Meanwhile, the Managing Director, NEM Insurance Plc, Tope Smart, was elected as the Chairman of the association. Also elected as council members of the association were, Group Managing Director, AIICO Insurance Plc, Edwin Igbiti; Managing Director, Mutual Benefits Assurance, Segun Omosehin and Managing Director, Capital Express Company Limited, Mrs Bola Odukale. Six more members are expected to be brought into the council.

While addressing the members, the new Chairman, said he will do everything possible to move the industry forward. He called on members to support him in moving the industry forward.He said the association will continue to collaborate with other arms of the industry and the National Insurance Commission.

Tope Smart is from Ijagba in Ondo State. He was born on the14th of April, 1964 at Omuo Ekiti in Old Ondo State now Ekiti State. He started his education from St. Silas Primary School, Omuo– Ekiti between 1970 and 1976.He continued his Secondary Education within the same vicinity by attending the Community Grammar School, Omuo Ekiti where he completed his O’ level examination and emerged as the overall best graduating student in 1981.

Smart was not done with education like some of his counterparts that dropped out of school immediately after the completion of the Secondary Education. He got admission at the Federal School of Arts and Science in Ondo for his Advanced level program. This step led him to gain admission into the prestigious University of Lagos where he read Insurance and graduated in 1987 with a Second Class Upper degree and also won the University’s prize for the overall best graduating student in Insurance department. Mr. Smart equally won the Unity Life and Fire Insurance Company Limited prize for the best graduating student in Insurance in the same year.

He proceeded immediately after graduation for the National Youth Service Corps program at Everyman Insurance Brokers, Abuja where he was involved in the overall operations of the branch office.

He contributed in no small measure to the rapid growth of the Company. After the National Youth Service, he was rewarded with a permanent employment as a Branch Manager with the same firm. He however left Abuja to join Nigerian-French Insurance Company Limited as one of the pioneer staff in 1989.

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