Industry posts N350 billion premium

The Nigerian Insurers Association (NIA) has said the volumeof business underwritten by the insurance industry in 2015 reached N350 billion, against N294 billion in 2014. This represents an increase of about 19 per cent.

Also, a the 45th yearly general meeting of the association held in Lagos, the group endorsed the election of Eddie Efekoha, as 22nd chairman of the NIA.
Other members elected into the council include Deputy Chairman, Mrs yetunde ilori; Treasurer, Tope Smart; Asst Treasurer, Val Ojumah.

Efekoha, who expressed gratitude for the trust given him by the insurers, said he has come with renewed strength and commitment to move the industry to a new height.

He said that a lot of efforts and resources have been deployed in the recent past by both the Nigerian Insurers Association, industry players and regulators at large to ensure the actualisation of the above objectives. We shall continue to intensify efforts at council level to ensure the realisation of these goals. Ours is indeed a collective effort. My promise is to ensure full actualisation of the projects we jointly embarked upon in the past, whilst ensuring that many more that will contribute to the elevation of the industry to new heights are embarked upon as I provide the necessary leadership.

It is in the light of the above developments that I have decided to commit the period of my chairmanship to address four critical areas in line with the theme of my administration which is: “Sustainable market development through stakeholder’s engagement”

These programmes are: Stakeholders’ engagement with policy makers at the Judiciary, the Legislature and other relevant agencies of the government, as well as regulatory institutions and industry players; Enforcing market discipline amongst key industry players which will involve engagement with colleagues and partners in the industry to encourage market development and continuity in the industry; Review of the NIA constitution to make it more dynamic in response to the changing business environment; Other current projects embarked upon by the Association most important of which is the NIA Building Project.

I want to note that my two years sojourn as the deputy chairman of the Association gave me ample opportunity to appraise and fully understand the dynamics and workings of the system. Therefore, I consider my election as a call to duty; a call I am prepared for and willing to undertake.

“Leadership is all about shared vision and responsibility. I want to assure you that during my tenure, I intend to build on the achievements of my predecessors in office. I am aware of the fact that the assignment is daunting therefore I call on all my colleagues to join me to reflect on our past, critically assess the present and look forward to the future with greater hope and enthusiasm.

“We are fully aware that there is a need for us to come together to save our industry now more than ever. The economic space is shrinking and businesses are facing greater threats; and the insurance sector is not insulated from developments in the global economic space. It therefore behoves on us to respond quickly to the changing dynamics of the market space so that we do not go extinct in the face of the global pressures on our businesses. Indeed there is no better time than now to strengthen the association and reposition it for the task ahead”, Efekoha stated.

He said, permit me at this juncture to take us back to my quest, in the call to service pact entered into with you, distinguished members of the association two years ago when I sought your mandate for the position of Deputy Chairman. We have since then commenced execution of key aspects of the service pact with my immediate past chairman and other members of the governing council.

These include among others: A positive public image for the insurance industry; collaboration with industry regulators to ensure higher insurance contribution to national GDP; better industry friendly legislation; continuous digitalization of operations; enforcement of the compulsory insurance offerings through relevant public agencies.

We will deal with these matters to the best of our abilities but where we make mistakes may you find a space in your heart to forgive us. To prevent mistakes from occurring we will need your prayers, support and wise counsel always.

I wish to acknowledge and commend the National Insurance Commission under the leadership of Alhaji Mohammed Kari, the Commissioner for Insurance, for instituting the Insurers’ Committee, a platform for dialogue between the regulator and regulated entities for the growth of our industry. Every leader is born for his own time! It is my opinion that our industry at this time will benefit a lot from the openness to dialogue of the Commission as a means to addressing some of the ills of the market today for long term sustainability, growth and ease of regulation. This is in line with the theme of my chairmanship and therefore I will not hesitate to encourage our members to participate actively as they have done since the inauguration of the Committee.

I want to restate that the NIA has and will continue to remain true to its legacy as an institution that exists to champion the cause of the insurance industry and we will ensure that the founders’ sense of purpose will be upheld by us at all times.

We must acknowledge the contributions of all the past Chairmen of this Association whose far-sightedness and courage has ensured that we stand here today. The strong foundation they have laid has given us the privilege to build on their successes.