National Insurance Commission (NAICOM) has expressed optimism that the Nigerian insurance industry can reach the one trillion naira Gross Premium Income (GPI) mark by the end of 2023 while cautioning insurers against dealing with unlicensed brokers and agents to facilitate insurance businesses, just as there are indications that the kick-off date for Risk-Based Capitalization (RBC) may come to fruition in 2024.
The Head, Corporate Communications and Market Development Department of the NAICOM- Rasaaq Salami gave the assurance during a media briefing after Insurers Committee Meeting held in Lagos.
Salami expressed optimism on the fact that the industry has done well both in the area of gross premium income and in the area of claims payment in 2023.
breakdown of the industry performance since 2021 till date, he explained that in 2021 the Commission had a gross premium income of six hundred and twenty one billion naira, recorded seven hundred and twenty- seven billion naira in 2022, and by the half year of 2023 it had give hundred and fifty- one billion naira.
According to him, With third quarter report, the Commission already exceeded the annual premium of last year and by the time it closes the year ,it us possible to hit one trillion naira mark.
On her part,Chairman of the Stakeholders Committee, Ebelechukwu who also doubles as the Managing Director/ CEO of Royal Exchange General Insurance Limited, (REGIC), added. Ebelechukwu Nwachukwu listed digitalisation, product development and ongoing engagements with stakeholders as some of the focuses of the industry in 2023, which will continue in 2024.
The Committee Chairman stressed the importance of continuous improvement in risk-based supervision for the growth of the insurance industry and the implementation of risk-based pricing.
She further noted that the Committee’s transformation roadmap includes proposals for increased awareness, enhanced market conduct, insurer partnerships with telecommunications and non-insurance channels, digitalisation improvements, and the deepening of the talent pool within the insurance sector.