Insurers Earns N97b Income In First Quarter | Independent Newspapers Limited
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Insurers Earns N97b Income In First Quarter

Posted: Jun 18, 2015 at 12:16 am   /   by   /   comments (0)

The insurance companies in Nigeria generated a premium income of N97 billion during the first quarter of 2015, the Commissioner for Insurance, Fola Daniel, said.

He stated that the nation’s insurance industry recorded a premium income of N302.105 billion in the whole of 2014.

Speaking on the industry’s potential while addressing journalists in  Ilorin, Kwara State, recently, Daniel expressed satisfaction at popularity gained by  the industry in recent times.

He observed that the Nigerian insurance industry was becoming so popular not only in Nigeria but across Africa that it has occupied the second position in Africa from the fifth position it occupied  between 2012 and 2013.

He, however, said the industry is not yet fully satisfied but would continue to strive until it has occupied the first position in Africa.

Daniel said the popularity gained by the industry has earned it federal government’s recognition in that the present administration  is interested in driving insurance to the fore front of the financial services sector in Nigeria.

He said the current administration led by President Muhammadu Buhari is very sensitive to the fact that insurance is key to building a virile economy and has therefore called for the contributions of the industry to the new transition committee set up by the administration.

Describing this as first in history for the industry from the federal government, Daniel said the future holds a lot for the insurance industry.