• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Wednesday, March 29, 2023
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

2021: Nigeria Liability Insurance Pool Sets Double-Digit Profit Target

Nwanne Ikemefune by Nwanne Ikemefune
May 6, 2021
in Insurance
0 0
0

Mr Olamide Olajolo managing director Nigeria Liability Insurance Pool

0
SHARES
410
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Nigeria Liability Insurance Pool (NLIP), is projecting a double digit profit growth for the current year, a new improvement on the single digit growth for its profit in 2020.

The new managing director and chief executive officer, Mr. Olamide Olajolo, said the prospect for growth is first, fitted into the system on which the pool is established; the next layer is a motivated staff and specialised risk advice offered to members on risks ceded to the pool.

Besides, Olajolo who has traversed all the spheres of the insurance industry as a loss adjuster and diverse underwriting positions at WAPIC Insurance Plc now (Coronation Insurance Plc), Standard Alliance and the last before the switch to NLIP was Zenith General Insurance Limited, where he exited as executive director technical, business development and risk management. He was also a pioneer staff. Olajolo who has learned, relearned and unlearned special risks underwriting oil and gas inclusive, said he is coming to the pool with clear set short and long term goals for liability insurance development and would integrate liability products like aviation refuelling, cyber insurance and capacity development for oil and energy pool.

Setting the pool on a distinct pedestal and uncommon in the local market, he said the pool is a profitable organisation with a track record of uninterrupted good returns on investment. He reiterated that the returns is rare match for any investment.

He said the return on investment is very high and hovering between 20-25% with low claims ratio. This was also reinforced by the 30% claims drop due to the work disruption caused by the lockdown propelled by the Covid-19 pandemic. These indices he reiterated, will make a good return focused insurance company consider it a good investment destination by opting to join the pool.

On the strength of this, he said the prospect of new members joining the current group of ten is getting clearer as new members talks intensify with fruitful deliberations in the works.

Also raising the the prospects of the pool is the 2020 performance with the profit accounting for 25% of the gross premium. Emphasising the profit trend in the pool, Olajolo said the 7% profit increase recorded in 2020 has not diminished and the above-target performance in the first quarter is a trend that would most likely baring no disruptions run a full course till December 31. “We are hopeful for double digit growth in 2021,” he said.

The NLIP helmsman said the business development strategy of the pool rests on a growth projection of 25-35% and the earnings of the fist quarter establishes that. Also helping the pool good performance he mentioned, are the members of the pool whom he said are very supportive.

Previous Post

NAICOM, Federal Fire Service Set For Joint Action On Liability Insurance

Next Post

Climate Change Could Take 18% Off Global GDP, Warns Swiss Re

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert
Insurance

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn
Insurance

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023
Insurance

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
Next Post
Climate Change Could Take 18% Off Global GDP, Warns Swiss Re

Climate Change Could Take 18% Off Global GDP, Warns Swiss Re

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
NCRIB Sets The Stage For Adaramola’s Tenure

NCRIB Sets The Stage For Adaramola’s Tenure

March 18, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

7212
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

6811
Allianz Claims Survey Shows Changing Claims Patterns

Internal Failures, Major Cause Of Cyber Claims

5462
Anchor MD Loses Father

Anchor MD Loses Father

1573
As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

1565
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Leads With ISO/IEC Re-certification

999
NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

964
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

397
National Assembly Principal Officers Set To Strip Staff Of CPS Without Consent

PenOp Rails Against National Assembly Secret Bill To Exempt Own Workers From CPS

355
Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

337
Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
NAICOM Head office

Insurers Claims Obligation Increases By 18% In Q4 2022, N244.3bn Paid

March 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023

Recent News

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
Global Insured Natural Catastrophes Losses Hit US$100bn

Global Insured Natural Catastrophes Losses Hit US$100bn

March 27, 2023

Invest In Speaking Customers Language Not Yours, Insurance Industry Charged

March 26, 2023
NAICOM Head office

Insurers Claims Obligation Increases By 18% In Q4 2022, N244.3bn Paid

March 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Image Spin: Farewell For Omolola Adekunle Bankole

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

March 16, 2023
Transactional Risk Insurance Now Mainstream Product – Report

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

Nigeria’s Low Loss Ratio Crashes The Essence Of Insurance – Actuary Expert

March 29, 2023
Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

Fitness Enthusiasm, NEM Insurance Spins Wellness In The Public Space

March 27, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In