Total assets of insurance sector grew to N2.33trn in eight years — NAICOM

The Commissioner of Insurance and Chief Executive Officer of National Insurance Commission (NAICOM), Olorundare Sunday Thomas has disclosed that the total assets of the insurance sector grew at an average of 12 percent from an asset base of N827.5 Billion in 2014 to N2.33trillion in 2022.

He made the disclosure during his opening address at the National Insurance Conference 2023 held in Abuja.

Speaking, Mr Thomas noted that the Commission under his leadership has remained resilient and focused on implementing initiatives that will foster development of the Nigerian insurance industry and align its fortune with that of the nation as the Africa largest economy.

“In terms of its performance, Your Excellencies, the industry premium income between 2014 and 2022 grew at an average of 13.6 percent; from a premium income of N282 Billion to N726.2 Billion.

“The total assets of the sector also grew at an average of 12 percent for the same period; from an asset base of N827.5 Billion in 2014 to N2.33 Trillion in 2022,” he said.

On some of the flagship projects being implemented by the Commission as part of the its medium term NAICOM Strategic Plan 2021–2023, he said, “Ensuring improved safety and soundness of the Nigerian insurance sector to continue to de-risk economic activities of Nigerians through the enhancement of our prudential regulatory tools and good corporate governance practices remain paramount.

“Migration of the Commission’s supervisory regime to align with global best practices. This initiative has enhanced the Commission’s distress management and market restructuring among others.

“Implementationionion of Project E-Regulation through operationalised Business Process Management Solution and NAICOM Portal. The BPMS is currently being used to process applications from insurance institutions while the Portal remains the focal point for generation of unique policy identification numbers for all policies as well as repository for statistical data including verification of insurance policies issued in Nigeria.

“Implementation of a capacity development programme for the Nigerian insurance industry.  The programme has helped to develop some Certified Actuarial Analysts in Nigeria. The Commission will continue to engage relevant stakeholders with a view to developing additional Actuarial professionals for the industry.”