By By Amaka Ifeakandu
Lagos
The National Insurance Commission (NAICOM) has said that the volume of premium written under compulsory insurance grew to N28.68 billion from N14.93 billion recorded in 2009. The Commission said that the number of policies written under this class of insurance within the period equally appreciated shapely by 111% from 72,180 in 2009 to 152,181 at the end of 2012.
The Commissioner for Insurance, Mr Fola Daniel, who disclosed this at a retreat organised for Journalists by the commission said even though the N1 trillion target set by the commission was yet to be achieved, considerable progress has been made going by the statistics above.
He noted that the industry in the last three years has had some geometric projections, adding that the industry will achieve well over 100% at the time the performance of 2013 is added to the figures available.
Speaking on the implication he said that the performance so far shows that insurance companies are voluntarily meeting up to their obligation without the commission getting involved, stressing that they are also meeting up to their responsibility of claims payment.
Going forward, he said that they will consolidate on the gains made so far and ensure proper implementation of compulsory insurance products to be able to enhance the industry contribution to GDP.
The Commissioner noted that the various state governments have continued to show interest in insurance business, and that the group of underwriters have come together to enforce the motor vehicle third party liability insurance in Imo state in collaboration with the state government and the scheme is working very well.
He said that another group of 19 underwriters are enforcing the occupiers’ liability insurance in Enugu state in collaboration with the state government.
