BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM), on Friday assured that the Nigerian insurance industry can reach the N1 trillion Gross Premium Income (GPI) mark by the end of 2023.
Mr Rasaaq Salami, the Head, Corporate Communications and Market Development of NAICOM, disclosed this during a media briefing shortly after Insurers Committee Meeting held in Lagos, that the industry has done well both in area of gross premium income and in the area of claims payment in 2023.
Giving the breakdown of the industry performances since 2021 till date, he said:” In 2021 we had gross premium income of N621billion and by 2022 we had N727 billion and by half year of 2023 we had N551 billion. With third quarter report, we have already exceeded the annual premium of last year and by the time we closed the year we might be hitting the N1trillion mark and based on that assessment we think the industry has performed very well.”
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He said “we may not be where we are supposed to be but we have moved from where we were to another height.”
Also, the chairman Publicity-Sub Committee, Ebelechukwu Nwachukwu, listed digitalization, product development, ongoing engagements with stakeholders as some of the focus of the industry in 2023 and will continue in 2024.
Ebelechukwu who also doubles as the Managing Director/ CEO of Royal Exchange General Insurance Limited, (REGIC), added that customers now have various platforms to reach their insurance companies more than ever before in 2023 while assuring more of these channels will be introduced to boast insurance penetration and businesses.
She noted that ‘customer is serious’ is the focus of almost all underwriters not just selling the products but customers experience when they do business with insurance companies are the most important.
