Director, Supervision, National Insurance Commission, Mr. Opara Onwusereaka has revealed that the insurance industry earned a sum total of N302.105 billion as premium in 2014 while N1.8tn premium was earned from life and non-life policies underwritten in an 11 year period.
The statistics according to Punch was obtained from the Nigerian Insurers Association. Onwusereaka said “Insurance business regulation under NAICOM has witnessed a tremendous turnaround as amplified by the growth in industry’s gross premium written of N100bn in 2007 to over N300bn in 2014.”
He said the main objectives of the NAICOM Act include maintaining efficient and stable insurance market, ensuring a fair and safe market for profitable insurance business transactions and ensuring financial safety and stability.
He added that the commission is also ensuring risk-based supervision and consolidated supervision in the sector.
He said “The commission has been collaborating with other regulators, including the issuance of NAICOM/National Pension Commission joint regulation on annuity, FSRCC framework and guidelines on consolidated supervision, and signing Memoranda of Understanding with national and international regulatory authorities.”