Chairman of the Nigeria Insurers Association (NIA), the umbrella body of insurance underwriters in the country, Mr Ganiyu Musa has said that the insurance sector in 2021 raked in N508 billion Gross Premium.
He also disclosed that operators have so far paid a total of N11 billion claims to victims of the 2020 #Endsars protest.
Musa who stated this while addressing newsmen in Lagos on the activities of insurers said the sector in 2018 recorded N400 billion premium and 413 billion in 2019.
Musa added that out of the total N508 billion premium accumulated by the insurers, member companies paid a total claims of N224billion representing 44 per cent of the total industry premium.
Musa, who is also the Managing Director, Cornerstone Insurance said, “As at January, insurers have paid over N11 billion as claims that arose from the #Endsars protest of 2020, adding the association will continue to emphasise the need for insurance companies to pay all genuine insurance claims and will not hesitate to sanction erring member companies.”
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 sector.
According to the NIA boss, prominent among these initiatives were the NIA’s on-going collaboration with the Lagos State Government in the enforcement and validation of genuine compulsory third Party insurance made mandatory by Law through Automatic Number Plate Recognition (ANPR) device of VIS through Nigerian Insurance Industry Database (NIID) Verification Platform.
He also said the association is discussing with the Lagos State Building Control Agency (LASBCA) with a view to using the Nigerian Insurance Industry Database (NIID) Verification Platform for enforcement, verification, and validation of genuine compulsory Buildings Under Construction Insurances made mandatory by Law through Insurance Act 2003 (SECTION 64), and Lagos State Urban and Regional Planning and Development (Amendment) Law 2019 (Lagos State Urban and Regional Planning and Development Law, CAP U2 Lagos State Building Control Agency Regulations, 2019).
He further said the association was collaborating with the Lagos State Safety Commission (LSC), NCRIB and Courteville Plc on the implementation, enforcement and validation of genuine compulsory Occupiers Liability Insurance made mandatory by Law for all public buildings through Nigerian Insurance Industry Database (NIID) Verification Platform.
He said, “The exercise will be launched on 28 April 2022 and Enforcement will commence in May 2022. We are building capacity of its members to enhance compliance in line with the emerging regulations.”
He also spoke on the long awaited Consolidated Insurance Bill 2020 adding that it is still receiving legislative attention in the National Assembly and that the association was on top of developments on it.
“We are optimistic that the bill will be passed into law before long. We are happy to note that the Finance Act 2021 has been signed into law and this has resolved a major issue with regards to the definition of the components of minimum capital. The Association is engaging the National Insurance Commission with a view to determining the next steps, “he stated.
