• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Wednesday, October 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Insurance industry generates N508bn premium

Insurance

The Matters Press by The Matters Press
February 8, 2022
Reading Time: 2 mins read
0
CIIN president tasks Insurance directors on manpower development

The Chairman, Nigerian Insurers Association (NIA), Mr Ganiyu Musa, on Tuesday said the insurance industry generated N508 billion Gross Premium in 2021, out of which N224 billion was paid as claims.

RELATED POSTS

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

Atiku’s hunger revolution, delusional – TMSG

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Musa, who said this at a news briefing in Lagos, stated that the N224 billion claims paid represented 44 per cent of the total premium.

He said that the association would continue to complement the efforts of National Insurance Commission (NAICOM) in its campaign on domestication of compulsory insurance in states.

“It is our expectation that laws on compulsory insurance can be domesticated in other states just as Lagos State has done.

“Beyond the efforts of the Commission, NIA has also upscaled its market development initiatives through strategic engagements with various states,” he said.

Musa said that the association’s initiatives include a work in progress with the Lagos State government in the enforcement and validation of genuine compulsory third party motor insurance .

He said the policy had been made mandatory by the Lagos State law through Automatic Number Plate Recognition (ANPR) device of VIS, through Nigerian Insurance Industry Database (NIID) Verification Platform.

Musa said NIA was discussing with the Lagos State Building Control Agency ( LASBCA) to use NIID Verification Platform for enforcement, verification, and validation of genuine compulsory Buildings Under Construction Insurance.

He said that the NIA was also collaborating with the Lagos State Safety Commission, Nigeria Council of Registered Insurance Brokers and Courteville on the implementation, enforcement and validation of genuine compulsory Occupiers Liability Insurance.

Musa noted that the policy was made mandatory by law for all public buildings through the Nigerian Insurance Industry Database (NIID) Verification Platform.

“The exercise will be launched on April 28 and enforcement will commence in May, so we are building capacity of its members to enhance compliance in line with the emerging regulations,” he said.

According to Musa, discussion is ongoing between NIA, NAICOM, Nigerian Shippers Council, Project IT Vendor-BrandOne and all other stakeholders in the maritime value chain on provision of cover for containers.

He said : “the stakeholders also include Shippers/ Importers , Clearing Agents, Track Owners, Guild of Marine Surveyors, PRAN and Tracking Companies.

“This will be a risk management substitute for container deposits being made by the importer to the shipping companies, thereby eliminating capital flight from the country.”

Musa said that the association, with the help of her team of actuaries, was also having discussions on development of a cover for Export Credit Guarantee Insurance and Political Risks for the banks and exporters.

He said they were discussing the matter with NEXIM Bank, MNK Re Limited Broker at LLOYD’S), PRAN and the Guild of Marine Surveyors.

On the Consolidated Insurance Bill 2020 before the National Assembly, the NIA chairman expressed optimism that it would be passed into law soon.

“We are happy to note that the Finance Act 2021 signed into law has resolved a major issue with regards to the definition of the components of minimum capital.

“The Association is engaging the NAICOM with a view to determining the next steps,” he added.

Tags: Insurance
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Consumer commission, CBN, EFCC investigate violations in money lending
Economy/Technology

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

September 24, 2025
Drop your frustration, let President Tinubu be, Group picks on Atiku
Economy/Technology

Atiku’s hunger revolution, delusional – TMSG

September 23, 2025
‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG
Economy/Technology

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

September 22, 2025
2023 maritime, shipping outlook force experts to call for aid
Economy/Technology

Leap in non-oil exports gain of Nigeria:s economic diversification ‎

September 17, 2025
NBS reports increase in Inflation
Economy/Technology

Think Tank ‎projects 17% inflation rate by year-end, urges CBN to ease benchmark rate ‎

September 17, 2025
Old pension scheme beneficiaries get a boost in entitlements
Economy/Technology

‎GROUP LAUDS INSURANCE SCHEME FOR RETIREES IN NIGERIA. ‎

September 14, 2025
Next Post
”Who wants to be a Millionaire ‘ bounces back

''Who wants to be a Millionaire ' bounces back

FIRS deploys tech platform for tax collection

Why Nigeria has low tax ratio

Recommended Stories

Stable petrol supply excites Buhari

Nigeria records increases in prices of petrol, diesel

March 20, 2024
CAC, Pakistani investors on economic diversification

Use of common seal by companies no longer mandatory

December 10, 2021
Stable petrol supply excites Buhari

Brittinia-U denies importing adulterated petrol

February 12, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎
  • Atiku’s hunger revolution, delusional – TMSG
  • ‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us