Insurance companies in Nigeria collected USD$1.3billion (NGN490bn) in 2019 as premium for the various businesses, representing 15.55% increase from the previous year
According to the Nigerian Insurers Association (NIA) chairman, Tope Smart, despite enormous challenges, the industry had continued to perform its role, reported Pulse Nigeria.
“It is expected, because of the various initiatives embarked on by the association in conjunction with other stakeholders such as financial inclusion, microinsurance, the insurance industry rebranding project and Unstructured Supplementary Service Data (USSD), a communications technology to deliver mobile financial services.
“Also, the Nigerian Insurance Industry Platform for Sale of Third Party Motor Insurance coupled with other strategic efforts by the regulator will further deepen insurance penetration and encourage insurance uptake by the public,” he said.
Mr Smart said that the coronavirus pandemic posed a serious challenge to the association and the entire Nigerian insurance industry. He explained that the virus had not only disrupted businesses but also forced member companies to activate their business continuity strategies.
“We are happy that our members have responded adequately to the challenges posed by the disease, such as remote working, deployment of technology, use of web conferencing technology for online meetings, maintenance of physical distancing.”
Social distancing in the work place and sale of insurance policies through online platforms have become part of a new norm,” he said.