Wednesday, September 3, 2025
25.3 C
Lagos

Optimism Reigns in 2015 Insurance Industry Outlook

Despite falling oil prices and post-election uncertainties,the Nigerian insurance sector is looking into the future with broad optimism and confidence. Mr. Fola Daniel, Commissioner for Insurance, National Insurance Commission (NAICOM) says the industry is undergoing rapid transformation, thus requiring the strategic support of operators and other relevant stakeholders to enable the industry occupy its rightful position in the forefront of the financial services sector in Nigeria.

“It is our in NAICOM to superintend over an insurance industry that is flourishing, financially strong and viable,” the NAICOM chief said. “We shall continue with the drive towards positive transformation and development of the Nigerian insurance market.”

Mr. Edwin Igbiti, Group Managing Director/CEO, AIICO Insurance Plc, said the fact that insurance sector contributes only 0.5% of Nigeria’s overall Gross Domestic Product (GDP), at just over N300 billion implies the existence of huge opportunities for local and foreign
investors.

“The industry is still very far from where it wants to be. On the flip side however, this represents a big opportunity to players who decide to play the insurance game right,” he said.

“This view has been vindicated by the amount of foreign investment we saw in the sector in 2014 – AXA and Green Oaks acquired Mansard Insurance and Union Assurance just to mention a few. Investors view emerging markets as potential areas of opportunity and Nigeria is no different.”

Mr. Chike Mokwunye, Group Managing Director/CEO, Royal Exchange Plc, said the falling oil prices will adversely affect not only patronage for insurance from government establishment but other sectors of the economy since government spending cuts and taxes would affect economic growth negatively.

“On the other hand, such policy thrust may throw open new opportunities for the insurance industry in expanding the frontiers of its business and thereby create room for the industry to underwrite businesses in neglected segments of the Nigerian economy.”

Image Credit: Investmentnews

spot_img
spot_img

Hot this week

Ecobank Nigeria @ 40: Group Unveils N60m in Cash Rewards Program for Customers

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

GOCOP 2025: Conference on Governance Challenges, Prospects Set for October 9

The Guild of Corporate Online Publishers (GOCOP) has announced...

NCC Advances Cybersecurity Framework to Safeguard Nigeria’s Telecom Infrastructure

L-R: President, International Youth Parliament, Hon. Promise Digos; Chief...

Northwest: The Lion’s Share of Tinubu’s Projects

By Tanimu Yakubu Director-General Budget Office of the Federation The Lagos Illusion The...

From Devaluation to Domination: How Tinubu’s Exchange Rate Reforms Turned the Naira into Nigeria’s Export Engine

By Tanimu Yakubu When President Bola Ahmed Tinubu’s administration...

Topics

WORKSHOP: Digital Marketing for Insurance Business Growth

PROGRAMME OVERVIEW: As the world is gone digital in the...

Why Protein Deficiency Persists in Nigeria

Professor Henrietta Ene-Obong of the University of Calabar says...

World Bank Plans $160bn COVID-19 Relief Measures

  The World Bank’s Board of Executive Directors today approved...

NCDMB, NNPC, NCC, Zenith, Shell to Support Realnews 12th Anniversary Lecture

Some bluechip companies and organisations are supporting hosting the...

FirstBank, NLNG, Shell Back QEDNG Creative Powerhouse Summit

First Bank of Nigeria has joined forces with Mighty...

Nigeria Leads Africa Hotel, Tourism Sector Growth

The hotel and tourism industry in Africa is beginning a period of sustained growth, according to the sector’s leading experts gathered at the Africa Hotel Investment Forum in Addis Ababa, Ethiopia. The conference heard that inward international flights were recovering after being hit by the Ebola outbreak. And the hotel sector reported significant expansion, as well as increased visitor numbers, boosted by demand from African business.

Capacity Building: Polaris Bank Empowers over 5,000 Journalists Pan-Nigeria in 10 Years

Polaris Bank Limited has empowered more than 5,000 journalists...

BMCE Bank of Africa Unveils 2nd African Entrepreneurship Award

The BMCE Group Bank of Africa announces the second...
spot_img

Related Articles

Popular Categories

spot_imgspot_img