Despite worries about the harsh business environment, four underwriting firms were able to pool about N130.62 billion in gross written premium (GWP) out of total gross premium revenue of N630.4 billion.
Experts in the nation’s insurance industry have called on underwriting firms to tap into opportunities in the real estate sector, which valuers estimate at about N59 trillion to contribute to the growth of the economy.
The Guardian gathered that although real estate investment is not admissible as a part of the paid-up capital in the ongoing exercise, insurers perceive property as another investment sanctuary.
Many insurers after the regulatory-induced recapitalisation will have enough funds at their disposal to invest in profitable sectors to give good returns to their shareholders. x
The National Insurance Commission (NAICOM), has raised the minimum paid-up share capital of a life insurance company from N2 billion to N8billion, non-life insurance from N3 billion to N10billion and composite insurance from N5billion to N18billion.