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Published 17 May 2021
Cornerstone Insurance Plc has reported a profit after tax of N2.19bn for the financial year 2020, down by 47 per cent from N4.11bn in 2019.
The company said its profit before tax fell by 56 per cent to N1.77bn last year from N4.01bn in 2019.
Its gross premium written, however, increased to N17.54bn in 2020 from N13.06bn a year earlier while its gross premium income rose to N15.72bn from N13.29bn, according to its audited financial statements released on Sunday.
Its claim expenses increased by 29 per cent to N3.96bn last year from N3.07bn while underwriting expenses rose to N2.18bn from N1.99bn.
Insurers Engage States in Fight against Fake Motor Insurance thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
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Published 11 May 2021
The Nigerian Insurers Association said it has engaged the support of five states to enforce motor insurance through its members’ licensing offices.
The association said it engaged Lagos, Kaduna, Niger, Kogi and Ogun states to ensure that the minimum third-party policy was made mandatory at the point of renewing vehicle particulars.
The Chairman, NIA, Mr Ganiyu Musa, said the industry was determined to stop the menace of fake insurance certificate racketeers in the country.
He noted that it had already engaged the support of Lagos State in this regard.
Musa said, “We are also working closely with the state Vehicle Inspection Service on enforcement of third party motor insurance in the state.
Vanguard News
77% of vehicles on Nigeria’s roads uninsured NIA
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By Rosemary Iwunze
The Nigerian Insurers Association, NIA, has said that only about three million vehicles out of 13 million on Nigerian roads are insured, indicating that about 77 per cent are uninsured. NIA also lamented that the sector can generate over N50 billion premium income annually if all vehicles have genuine insurance.
Accordingly, the NIA said that it is collaborating with Lagos, Kaduna, Niger, Kogi, and Ogun states governments on enforcement of motor insurance through their licensing offices. Chairman of NIA, Mr. Ganiyu Musa, said the industry is embittered about what it is losing to insurance racketeers and non-insurance of vehicles.
Views: Visits 9 By Rosemary Iwunze The Nigerian Insurers Association , NIA, has said that only about three million vehicles out of 13 million on Nigerian roads are insured, indicating that about 77 percent are uninsured. NIA also lamented that the sector can generate over N50 billion premium income annually if all vehicles have genuine insurance. Accordingly, the NIA said that it is collaborating with Lagos, Kaduna, Niger, Kogi and Ogun states governments on enforcement of motor insurance through their licensing offices. Chairman of NIA, Mr. Ganiyu Musa, said the industry is embittered about what it is losing to insurance racketeers and non-insurance of vehicles.