Chairman of the Nigeria Insurers Association (NIA), the apex body for insurers in the country, Mr Ganiyu Musa said the insurance industry in 2021 reaped N508 billion in gross premiums.
He also revealed that operators have so far paid a total of N11 billion to victims of the 2020 #Endsars protest.
Musa, who said this while speaking to reporters in Lagos on the business of insurers, said the sector recorded a premium of 400 billion naira in 2018 and 413 billion in 2019.
Musa added that out of the N508 billion total premium accrued by insurers, member companies paid a total claims of N224 billion, accounting for 44% of the industry’s total premium.
Musa, who is also the Managing Director of Cornerstone Insurance, said: “In January, insurers paid over N11 billion for claims arising from the 2020 #Endsars protest, adding that the association will continue to highlight the need for insurance companies to pay all genuine insurance claims and will not hesitate to sanction member companies at fault.
Speaking on other developments in the industry, he said the association was taking a number of initiatives aimed at raising the banner of the insurance industry.
According to the head of the NIA, among these initiatives, the continuous collaboration of the NIA with the government of the State of Lagos in the application and the validation of a true compulsory insurance to the third party made compulsory by law through the mechanism of Automatic Number Plate Recognition (ANPR) from VIS through Nigeria Insurance Industry Database (NIID) Verification Platform.
He also said the association was discussing with the Lagos State Building Control Agency (LASBCA) to use the insurance industry database verification platform. (NIID) for the application, verification and validation of the real compulsory insurances of buildings under construction made compulsory by law. through the Insurance Act 2003 (SECTION 64) and the Lagos State Urban and Regional Planning and Development Act 2019 (Lagos State Urban and Regional Planning and Development Act 2019) Lagos State, CAP U2 Lagos State Building Control Agency Regulations, 2019).
He further stated that the association was working with the Lagos State Safety Commission (LSC), NCRIB and Courteville Plc on the implementation, enforcement and validation of genuine mandatory liability insurance. of occupants made compulsory by law for all public buildings via the Nigerian Insurance Industry Database (NIID). Verification platform.
He said: “The exercise will launch on April 28, 2022, and enforcement will begin in May 2022. We are building the capacity of its members to improve compliance in accordance with emerging regulations.”
He also spoke about the long-awaited Consolidated Insurance Bill 2020, adding that it is still receiving legislative attention in the National Assembly and that the association was aware of developments in this regard.
“We are optimistic that the bill will pass shortly. We are pleased to note that the 2021 finance law has been enacted and has resolved a major issue regarding the definition of minimum capital components. The Association is engaging the National Insurance Commission to determine next steps,” he said.