Out of the 40 insurance firms that have submitted their 2014 financial reports to the National Insurance Commission (NAICOM), only one shows signs of insolvency, Director Supervision NAICOM, Nicholas Opara, has said.
There are 59 insurance firms in the country, comprising composite, general and life.
Opara, who made this known to journalists, assured the general public that the firms are healthy and are able to meet up with their obligation of paying claims promptly.
He said the financial status of the insurance industry showed that it is safe and stable for investors to invest.
He recalled that before now, insurance firms financial reports lacked credibility, saying this had changed, especially under the tenure of the Commissioner for Insurance, Fola Daniel.
He said the problem of non-rendition of account promptly was ending.
He added that the Commission already had the 2014 financial report of the firm’s as at first quarter of the year.
He said the commission has ensured that policyholders’ fund are only invested in approved areas and that they do not allow it to be invested offshore.