Nigerian Insurers Association, an association of insurance and reinsurance companies in Nigeria shows signs that its members are gradually sustaining trust of the insuring public with a remarkable percentage growth in premium volume for 2022.
The outcome of resources pooled by the companies show that trust on the operations of insurance was a significant factor, this does not in anyway put aside the pushup that might have come of inflation tied policies which pushed up value of sum insured and subsequently more premium volume for such risks.
The emerging recourse to insurance after Covid 19 was another spinner and the doggedness of the operators to cause a positive upset despite the geometric rise in exchange rate, economic downturn and socio-political problems was a plus. The NIA Chairman, Olusegun Omosehin captured it in his address to members at the yearly meeting in Lagos, “Notwithstanding these challenges, insurance companies continue to discharge their obligations as financial intermediators and restorer of businesses in line with their mandate.”
The industry score with the 33.9% rise in premium volume, was about N726.2 bn compared to N569.1bn in 2021 against the backdrop of myriads of challenges “Notwithstanding, insurance companies continue to discharge their obligations as financial intermediators and restorer of businesses in line with their mandate,”
According to him the market achieved that and continues to take its place in the economic space as the economic driver, restorer of businesses and a dependable safeguard of national assets. Besides, the NIA he intoned According is collaborating closely with the National Insurance Commission, NAICOM, and other stakeholders within the financial services and technology segments to promote the insurance uptake by individuals and businesses and widen the scope of penetration in the nation.