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NIA on mission to rebuild industry reputation | The Guardian Nigeria News - Nigeria and World News — Business — The Guardian Nigeria News – Nigeria and World News

The Nigeria Insurers Association (NIA) has urged stakeholders to work together to redeem the industry’s poor image. The operators said such cooperation would enable them to maximise the untapped potential in the economy and raise confidence level. This was disclosed during the 24th chairman investiture of the association in Lagos. The NIA Chairman, Ganiyu Musa, unveiled a nine-point agenda, with the hope of taking the insurance industry to lofty heights. According to him, the association is determined to work with relevant stakeholders to ensure the passage of the Consolidated Insurance Bill for the sector’s development. He said, the organisation would work with stakeholders to address restrictive laws on insurance practice; work with partners such as the Financial Inclusion Secretariat to ensure greater insurance awareness to achieve seamless migration to IFRS 17.

Coronation Insurance Records Profit Growth

Coronation Insurance Plc said it achieved 461 per cent growth in its Profit After Tax (PAT) for the year ended Dec. 31, 2020. The underwriting firm also said it generated a gross premium income of N17.2 billion in 2020, as against N15.8 billion achieved in 2019 financial year. This was contained in the company’s consolidated and separate financial statements recently released on the floor of the Nigerian Exchange Limited. The company, during the period under review, posted PAT of N1.2 billion, compared with N214.33 million recorded in the comparative period of 2019. Group gross written premium rose to N16.19 billion from N15.20 billion in 2019. However, the company’s gross premium written grew to N11.64 billion from N10.71 billion recorded in 2019. The insurer said it paid N6.91 billion as claims in 2020, signifying a 69.5 per cent increase year-on-year.

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