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Breaking News | Growth In Fire Insurance Slows Down


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Great Nigeria Insurance Company Limited, popularly called Great Nigeria House on fire. •Claims also decline •Operators’ bemoan public apathy By Rosemary Iwunze Patronage of fire insurance appears to have been reversed as growth rate in premium amongst major insurance companies suffers set back.
Financial Vanguard’s findings on cumulative financial records of about eight of the insurance companies show that the fire policy premium at N13.4 billion, grew by 19 percent year-on-year, YoY, as against the 59.2 percent recorded in the corresponding period of 2019.
In 2019, fire insurance skyrocketed by 59.2 per cent YoY to N11.19 billion from N7.03 billion in 2018, a sort of recovery from the 35.5 percent decline recorded in the 2018 figure against the N10.9 billion in 2017. ....

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NCRIB Boss Highlights Benefits of Insurance Sector


Ebere Nwoji
High mortality rate among micro, small and medium scale enterprises (MSMEs) and the poor state of Nigeria’s economy has been blamed on lack of a viral insurance sector.
The President, Nigeria council of Registered Insurance Brokers (NCRIB), Mrs Bola Onigbogi, who stated this during her maiden press briefing in Lagos, recently, also expressed concern over the increasing spate of killings and kidnappings in the country, saying if urgent steps were not taken to stop it, it could deter investors.
Onigbogi, urged the federal government to declare a state of emergency on kidnappings and killings in Nigeria.
“It should be noted that a nation’s economy cannot develop beyond its insurance sector. In other words, the poor state of our nation’s economy today cannot be divorced from the poor state of insurance industry. “For example, most companies that ought to have contributed immensely to the development of the nation are no more in existence, because ....

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