BY NKECHI NAECHE ESEZOBOR—The year 2022 was a challenging year for the Nigerian insurance industry, but never the less, the Industry was able to grow its volume of business by 33.9 percent at the end of 2022 financial year, according to the Nigerian Insurers Association.
Segun Omosehin, Chairman of the Association disclosed this during the company’s 52nd Annual General Meeting held in Lagos, that the volume of business written grew positively from N569.1 billion achieved in 2021 to N726.2billion in the year under review.
On insurance industry bill he said ” As you are already aware, the Association made spirited efforts to ensure that the Consolidated Insurance Bill was signed into law during the lifetime of the 9″ National Assembly but unfortunately, this was not achieved.
“As an Association, we did our level best to push for the passage of the Bill in the firm belief that it presents the brightest opportunity for us to amend the insurance Act 2003 and reposition the insurance industry to enable it operate inline with global best practice.
“We thank members of the Governing Council and indeed, our past chairmen who worked tirelessly to make sure that the bill was signed.
“To our members, we thank you for your continued faith in the Association and we promise, as always, to continue to work in the best interest of our members.
We will review the process that led us thus far and take the next steps in the coming months after due consultation with all relevant stakeholders.”
On Brown Card he said the Nigerian market has taken its rightful place in the Ecowas Brown Card Scheme and will continue to be represented at its regular zonal meetings.
He thanked the immediate past chairman, Mr. Ganiyu Musa for giving a new impetus and direction to the Brown Card during his tenure as Chairman of the Council of Bureaux. “We will work hard to reposition the Nigerian to enable it to meet the expectations of stakeholders.”