By Friday Idachaba, Lokoja.
The Insurance Industry in Nigeria is fully positioned to meet the needs of the insuring populace through insurance solutions and products in view of its phenomenal growth over the years.
The immediate past Chief Executive Officer, National Insurance Commission (NAICOM)
Mr Olorundare Sunday Thomas gave the indication on Monday while delivering the 7th “Distinguished Public Lecture” series of the Federal University Lokoja (FUL).
Speaking on the Lecture themed, “Insurance Solution in Wealth Creation and Sustainability”, the former Commissioner for Insurance revealed that the Insurance industry has continued to maintain a positive trajectory of consistent growth.
He said that this is in spite of operational hurdles in the financial sector owing to macroeconomic volatility and competitive dynamics.
The Insurance Industry, he added remains one of the few Sectors that continued to record growth in spite of the economic recession and the impact of the COVID-19 pandemic in 2020.
From a premium of N282billion in 2015, the Nigerian insurance industry generated gross premium income of N616.1billion in 2021, N789.7billion in 2022 and a record breaking N1.003 trillion as at the end of December 2023.
Also, the Asset of the Nigerian insurance industry also grew from N827.5billion in 2015 to N2.5trillion in 2022 and N2.7trillion as at December, 2023”, he said.
According to him, it is therefore comforting that the insurance Industry is now more willing to meet the needs of the insuring populace through insurance solutions and products for sustainability.
“We must therefore be intentional in being proactive in planning for the rainy days, either as students or staff; the high level of volatility and uncertainties should create the urge to transfer our risks”, he said.
The Ex Insurance Commissioner allayed the fears of the insured over hiccups in indemnity adding that government had made mandatory, some insurance policies like third party for motor vehicle owners.
Thomas urged the Vice-Chancellor to consider introduction of Insurance and Actuarial Science as part of the courses of learning in the University and enjoined the management to insure assets of the institution.
He said there was no need for Civil Servants to be afraid of retirement if beyond the statutory arrangement, personal plans by way of voluntary contributions are made while in service for life after retirement.
Earlier in his address, the Vice Chancellor of the University, Prof. Olayemi Akinwumi described the world as increasingly complex and filled with uncertainties.
He said that the Distinguished Public Lecture topic, “Insurance Solution in Wealth Creation and Sustainability,” is not only timely but also pivotal to the Understanding of how strategic financial planning could drive sustainable economic growth.
Akinwumi held that in the face of such uncertainties, insurance served as a safety net that allows individuals and businesses to take calculated risks, innovate, and invest in opportunities that drive wealth creation.
The Vice-Chancellor added that insurance mechanisms were crucial in ensuring the sustainability of these ventures by mitigating potential losses and facilitating recovery in the face of adversity. (Ends)