Business Assets of insurance companies suffer a decline of N17.72bn

The total assets of the insurance companies operating in Nigeria has declined to N17.72bn, according to the Nigerian Insurers Association on Wednesday.

The total assets of insurance companies dropped from from N591.12bn to N573.4bn in 2011.

According to the statistics, the total assets of the non-life insurance companies was N370.36bn at the end of 2011 in comparison to N388.77bn in 2010, while those of the life underwriters rose marginally to N203.10bn in 2011 from N202.35bn in the previous year.

Mr. Sunday Thomas,The Director-General , Nigerian Insurers Association, said the decline in the value of the assets was due to huge write-off of debts by the insurance companies.

Mr. Fola Daniel,The Commissioner for Insurance, said the National Insurance Commission had introduced ways to boost the performance of the insurance sector like establishment of a developmental platform called the Market Development and Restructuring Initiative which would promote public understanding of insurance mechanism; build confidence in the Nigerian insurance market; grow the gross premium income; increase insurance density and contribution to the GDP and; ensure enforcement and monitoring of compulsory insurance

He said NAICOM was in the process of designing a policy to suit low income earners and poor in the rural areas and their sensitisation campaigns across the country has resulted in increase in gross premium from N157bn in 2010 to N250bn in 2012 .
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