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Insurance industry records N150bn premium income



The Nigerian Insurers Association (NIA) says the local insurance industry recorded a premium income of N150.25 billion in 2008.

This was contained in the Nigerian Insurance Digest, a journal of the Nigerian Insurers Association (NIA) made available to newsmen in Lagos on Monday.The journal quoted NIA chairman, Wole Oshin, as saying that the N150.25 billion recorded in 2008 represented an increase of 49.33 percent over the N100.62 billion recorded in 2007. Oshin said N15.61 billion of the figure was earned from fire insurance, while N38.11 billion was from motor and N22.53 billion from general accident insurance.

He said that N17.23 billion was realised from marine and aviation, N719 million from workmen compensation and N17.40 billion from oil and gas insurance. Oshin said that N9.13 billion was earned as miscellaneous insurance premium income and N29.32 billion from life insurance.Data collated by the publication were from 56 insurance companies. Oshin said the companies consisted of 30 general businesses, 13 life insurance companies, 12 composite insurance companies and one re-insurance company.

He noted that the Nigerian economic environment had not provided the required impetus for promoting insurance. “Negative developments in the economy have continued to militate against productivity in the real sector.“This is because the manufacturing capacity utilisation declined from 48.9 percent in December 2008 to 36 percent in May 2009,” the journal quoted Oshin as saying.He stressed the urgent need to reposition the economy and place it on the path of sustainable growth. (NAN) 


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