The Chairman of Nigeria Insurance Association (NIA), Mr Godwin Wiggle has said that the volume of business underwritten by Nigerian insurance firms hit N350 billion in 2015.
Wiggle disclosed this at its 2015 Annual General Meeting (AGM) of NIA held in Lagos on Thursday.
He said the amount represented a 19 per cent increase from the N240 billion recorded in 2014.
Wiggle also said the total claims paid by insurance firms as at 2014 was N87 million compared to the N72 million and N93 million paid in 2012 and 2013 respectively.
He said the claims paid covered motor, fire, general accidents, marine and aviation, among others
Wiggle said the country’s economic environment had remained difficult in the year due to the low price of crude oil in the international market.
‘‘The decline in oil prices since the second half of 2014 and which continued into 2015 can be associated with slower growth, failing budget revenues and pressures on the Naira’’ he said.
He said growth in private consumption and investment are expected to remain key drivers of GDP growth.
Wiggle said factors that helped the country’s insurance firms among others included the full implementation of Corporate Governance Code and improved enforcement of “no premium no cover’’ policy.
He said similarly there was better adherence to prudential guidelines, full compliance with International Financial Reporting Standard (IFRS) and improved anti-money laundering mechanisms.
Wiggle said the association was always monitoring the environment to take proactive measures to analyse trends and events that impacted on business of member companies.
He said the association, while taking these proactive measures, would also continue to respond to changes in the business environment.
NAN reports NIA was established in 1971 as an umbrella organization for all insurance companies in Nigeria to promote and uphold the universally accepted standards of business, ethics and professional integrity among its members.
It protects and advances the interest of insurers in Nigeria by creating and sustaining a positive image for the industry and by contributing to government legislations and decisions that will be in the best interest of the insurance industry and the national economy