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Tag: NAICOM

  • Synagogue Church, others should insure buildings, says NAICOM

    Synagogue Church, others should insure buildings, says NAICOM

    Following the Synagogue Church of All Nations (SCOAN) building collapse tragedy, the National Insurance Commission (NAICOM) has advised churches and mosques leaders in the country to consider insurance of their buildings to mitigate risks in the interest of innocent third parties.

    Commissioner for Insurance, Fola Daniel made this call, while expressing sympathising with families of victims of the collapsed building in Lagos.

    Daniel said insurance of public buildings except places of worship, is compulsory in Nigeria as defined in section 65 of the insurance Act 2003.

    He urged Nigerians to insure their risks against unforeseen disasters such as the Synagogue building collapse.

    He said: “Church and mosque leaders in the country should consider insurance of their buildings to mitigate risks in the interest of innocent third parties.

    “I sympathise with families of victims of the collapsed synagogue church building in Lagos and urge Nigerians to insure their risks against unforeseen disasters.”

    About two weeks ago, a part of a multiple storey building inside the premises of the SCOAN, collapsed leaving a total of 80 worshipers dead, while 131 were critically injured.

    The National Emergency Management Agency and the Lagos State Emergency Management Agency, which said the rescue operation at the site has been concluded, announced that they had reached “ground zero” as at Thursday, last week.

    Some of those rescued alive, according to them, have been discharged, while others are still receiving treatments for various degrees of injuries at some hospitals in Lagos.

  • ANCHOR Insurance gets NAICOM’s nod on 2013 financial report

    Anchor Insurance has joined the league of insurance companies that have scaled the hurdle of complying with the International Financial Reporting standard (IFRS) accounting as the industry regulator, the National Insurance Commission (NAICOM) approves its 2013 financial statement.

    Anchor’s Head of Corporate Communications, Kehinde Olaniyi, who made this known in Lagos, said the company experienced a-six per cent growth in gross written premium, which stood at N2 billion when compared to the previous year’s result.

    He said the growth was mainly attributable to increasing marketing network via the various agency outlets spread across the country that focus on providing insurance services that meet the needs of customers.

    The company incurred net claim expenses of over N236 million while the underwriting result at the end of the year amounted to N814 million compared to N1.154 billion earned during the year ended December 2012.  Its investment income was N145 million in 2013 as against of N117 million in 2012, indicating an increase of 24 per cent.

    The company improved operational efficiency in 2013 by a drop of 34 per cent in operational cost from N1.2 billion in 2012 to N0.75 billion in 2013 while its shareholders fund grew from N3.9 billion to N4.1 billion in the year 2013, an increase of 6.4 per cent.

    The Managing Director, Adeduro Mayowa, stated that in the last five years, the company has grown above the industry’s average, paid claims promptly in excess of N1 billion, meet regulatory requirement as at when due, grew its branch network from five to 21 with spread in the major geopolitical zones of Nigeria and has consistently declared profit and paid dividends to its shareholders in the last four years.

    Adeduro said the company is repositioning itself to play big in the insurance market within the next five years. He said that a new strategic plan put in place by the management was recently approved by the Board of Directors. The five years strategic plan seeks to build a unique identity for Anchor Insurance Company Limited, he stated.  Relevant to this is the recent acquisition of Aviation Treaty with up to $500 million.   The plan also envisaged to shore up the company’s current capital base and also build befitting corporate head office in Lagos.

    He further said that part of the objectives of the strategic plan focuses on ranking the company among the first ten leading insurance companies in Nigeria in terms of net asset, premium income and profitability before tax by 2018, establish a strong presence in the micro-insurance market; gain above three per cent market share in 2018; strengthen the quality of our human capital, generate competitive returns on investment; deliver superior and quality service to all our customers.

  • ANCHOR Insurance gets NAICOM’s nod on 2013 financial report

    Anchor Insurance has joined the league of insurance companies that have scaled the hurdle of complying with the International Financial Reporting standard (IFRS) accounting as the industry regulator, the National Insurance Commission (NAICOM) approves its 2013 financial statement.

    Anchor’s Head of Corporate Communications, Kehinde Olaniyi, who made this known in Lagos, said the company experienced a-six per cent growth in gross written premium, which stood at N2 billion when compared to the previous year’s result.

    He said the growth was mainly attributable to increasing marketing network via the various agency outlets spread across the country that focus on providing insurance services that meet the needs of customers.

    The company incurred net claim expenses of over N236 million while the underwriting result at the end of the year amounted to N814 million compared to N1.154 billion earned during the year ended December 2012.  Its investment income was N145 million in 2013 as against of N117 million in 2012, indicating an increase of 24 per cent.

    The company improved operational efficiency in 2013 by a drop of 34 per cent in operational cost from N1.2 billion in 2012 to N0.75 billion in 2013 while its shareholders fund grew from N3.9 billion to N4.1 billion in the year 2013, an increase of 6.4 per cent.

    The Managing Director, Adeduro Mayowa, stated that in the last five years, the company has grown above the industry’s average, paid claims promptly in excess of N1 billion, meet regulatory requirement as at when due, grew its branch network from five to 21 with spread in the major geopolitical zones of Nigeria and has consistently declared profit and paid dividends to its shareholders in the last four years.

    Adeduro said the company is repositioning itself to play big in the insurance market within the next five years. He said that a new strategic plan put in place by the management was recently approved by the Board of Directors. The five years strategic plan seeks to build a unique identity for Anchor Insurance Company Limited, he stated.  Relevant to this is the recent acquisition of Aviation Treaty with up to $500 million.   The plan also envisaged to shore up the company’s current capital base and also build befitting corporate head office in Lagos.

    He further said that part of the objectives of the strategic plan focuses on ranking the company among the first ten leading insurance companies in Nigeria in terms of net asset, premium income and profitability before tax by 2018, establish a strong presence in the micro-insurance market; gain above three per cent market share in 2018; strengthen the quality of our human capital, generate competitive returns on investment; deliver superior and quality service to all our customers.

  • NAICOM seeks govt’s intervention in Group Life Assurance

    NAICOM seeks govt’s intervention in Group Life Assurance

    The National Insurance Commission (NAICOM) has appealed to the Office of the Head of Service of the Federation (OHOSF) to look into the challenges of Group Life Insurance scheme for federal workers and the insurance of Federal Government assets and properties.

    The Chairman of the Governing Board, Hon. Chibudom Nwuche, made the call during a courtesy call on the Head of Service of the Federation (HOS) Danladi Kifasi in his office in Abuja by the management of the Commission. Nwuche led the board to see how the company can partner with the government to enhance implementation of the compulsory Group Life Insurance cover for federal workers.

    Nwuche who expressed appreciation to the HOS for the success achieved so far in the implementation of the Pension Reform Act of 2014 as it relates to the Group Life Insurance scheme for federal workers, noted that the scheme has not operated without some challenges.

    These challenges, he said, range from availability of adequate data for proper administration, timely notification of claims and submission of supporting documents and appropriate pricing of the risk.

    He hoped these issues will be looked into by the HOS to ensure continued success of the scheme for the overall benefit of the federal workers.

    He also said that the insurance of public buildings and buildings under construction be made compulsory under the insurance Act of 2003. He said it is therefore, imperative that all government buildings which fall under public buildings are adequately insured to guard against loss of property and scarce financial resources in the event of any disaster.

    Nwuche requested the HOS to look into the issue noting that the insurance of public buildings under which government buildings fall, is compulsory under the insurance Act of 2003 and NAICOM Act of 1997.

    NAICOM Commissioner for Insurance, Fola Daniel, told the HOS that the insurance industry is prepared to undertake the training of scheduled staff of the OHOSF, especially the officers involved in the management of the scheme to ensure justification and realisation of the set objectives of the scheme.

    Daniel said the industry would also provide specific preventive health training for members on the scheme based on the outcome of the information gathered from the experience analysis of the data in the Commission’s possession and, the enlightenment of scheme members.

    These are members who are close to retirement and need financial planning like choosing annuity to ensure stream of income for the rest of their retirement’s life, he added.

    The HOS, Danladi Kifasi, stated the preparedness of his office to continue the collaboration with NAICOM to ensure continuing success of the scheme.

    He pledged to support the Commission in the enlightenment and education of both scheduled staff and scheme members especially in the area of financial planning.

    He thanked the management of NAICOM for the offer to provide training for scheduled staff and members of the scheme and promised that the OHOSF will remain transparent but strict in subsequent bidding and selection processes to appoint brokers and underwriters for the Group Life Insurance Scheme for federal workers.

  • NAICOM, ICPC mobilise against corrupt operators

    NAICOM, ICPC mobilise against corrupt operators

    The National Insurance Commission (NAICOM) has sought partnership with the Independent Corrupt Practices Commission (ICPC) to fight insurers who engage in corrupt practices, particularly in returned premiums through third parties.

    Returned premium occurs when a policyholder seeks to cancel his insurance policy before end of the policy period, which is legal and allowed by the law.

    However, insurers, brokers and agents connive to manipulate the policy by inflating the value of the premiums without the policyholder’s knowledge.

    Brokers, who are intermediaries between the insurer and the policyholder (client), inflate premiums above the normal values, and afterwards, the surplus is shared by broker and others involved in the shady deal.

    For instance, a broker negotiating for a N1 million premium on a particular cover for government or organisation, colludes with the underwriter and staff of an insurance company and inflates the premium to N1.5 million, after which the excess N.5 million is shared between the broker, underwriter and the staff involved in the deal. This inflation of premium is done keeping the client completely in the dark.

    During the meeting between the two federal agencies in Abuja, NAICOM Chairman, Governing Board, Hon. Chibudom Nwuche, urged the ICPC to join hands with the insurance regulatory body in the fight against fraudulent transactions or activities in the insurance industry. He said the collaboration will help deepen insurance penetration in Nigeria.

    He told the ICPC that while NAICOM is saddled with regulating the insurance industry, it does not have the requisite powers of enforcement especially in terms of arrest and punishment of fraudulent culprits.

    NAICOM Commissioner for Insurance, Fola Daniel, reiterated that the primary responsibility of the commission is to ensure protection of policy holders.

    He added that insurance is built on the principle of utmost good faith and thus, every insurance practitioner is expected to uphold this principle in words and deeds.

    He said: “We are seeking assistance of the ICPC in fighting corrupt practices in the industry particularly in the area of returned premiums. We assure that NAICOM will not tolerate returned premiums through third parties.”

    The ICPC Chairman, Mr. Ekpo Nta, appreciated the board and management of NAICOM for the initiative. He expressed the readiness of the ICPC to collaborate with NAICOM to ensure a corrupt-free insurance sector in Nigeria adding that NAICOM has also improved insurance services in the country in recent years.

    He said: “Insurance regulator has become more effective in recent years as evident in the prompt settlement of insurance claims by insurance companies. I am looking forward to such a time when Nigerians will go out of their ways to get insurance cover.

    “The ICPC over the years have been working with regulatory bodies in the monitoring of activities within their sectors saying that it is faster and cheaper to adopt this model in checkmating activities of operators in the various sectors through the regulators.”

  • NAICOM may sanction 13 CEOs, brokers

    The National Insurance Commission (NAICOM) will soon  deal with 13 Chief Executive Officers (CEOs) of insurance firms and some broking firms for failing to submit their last year’s annual report about eight months after the financial year ended, The Nation has learnt.

    This followed queries by the regulator to the helmsmen.

    It was gathered that the CEOs have responded to the queries and the regulator is to ascertain if the CEOs’ responses are tenable or not and what action to take if found guilty.

    The affected CEOs of insurance firms are managing directors of African Alliance Insurance, International Energy Insurance Plc, Industrial & General Insurance Plc, Capital Express Assurance Ltd, Great Nigeria Insurance, NICON Insurance Ltd, Nigerian Agricultural Insurance Corporation, Staco Insurance Plc, Standard Alliance Insurance Plc, UNIC Insurance Plc, Union Assurance Company Ltd and Goldlink Insurance Plc.

    Besides the CEOs’ responses to the query, they are yet to submit their account according to the NAICOM’s status report of 2013 financial statements of insurance companies as at August, 11, this year.

    NAICOM had issued the CEOs and their counterparts in the broking firms who failed to submit their reports a seven-day ultimatum ( July 21 to July 28) to explain why actions should not be taken against them.

    Sources at the Commission  said NAICOM has decided to go after any defaulting CEOs.

    The Insurance Act 2003 mandates insurance firms to file their yearly accounts, six months after the financial year ended.

    The law on filing of returns and accounts states: “All insurance and re-insurance companies shall submit to the Commission three copies each of duly audited financial statements and annual returns in prescribed forms.

    “In respect of operation of the company for 2010, returns shall be filed on or before June 30, 2011. Failure to file annual returns as prescribed by Section 26 of the Insurance Act, 2003 constitutes a ground for cancellation of operating license.

    “An insurer shall be deemed to have failed to file its annual returns if the provisions of Section 26 of the Insurance Act 2003 are not met 12 months after the end of the financial year. For purposes of compliance, accounting period shall run from January 1 to  December 31, 2010.”

    Last week, The Nation reported that NAICOM had stepped up its regulatory duties by releasing information on  firms’ financials to the public.

    At present, the commission has not been able to provide accurate data for 2012 and last year for the sector and the public to work with, owing to either late and non-submission of some accounts.

  • ‘No premium, no cover policy rewarding’

    ‘No premium, no cover policy rewarding’

    The ‘No premium, no cover’ policy unveiled in January last year by the National Insurance Commission (NAICOM) has improved liquidity in the sector, Managing Director, Niger Insurance Plc, Kola Adedji has said.

    He made this known at a briefing  on the impact of the policy in Lagos.

    He said this notwithstanding,  some challenges accompanied  the introduction the policy.

    At the beginning, the policy was difficult to implement by his colleagues.

    He said the public also found it difficult to adjust to the policy but has gradually accepted it.

    The policy, however, slowed  business as most of their clients  started renewing their policies only lately, he said.

    He said: “For us at Niger Insurance, we fully complied with the ‘No premium, no cover’ policy and it has turned our balance sheet around. The policy has also helped us to clean up our accounts.

    “We were able to grow our gross premium income from N10.3 billion to N10.4 billion in 2013. We were still able to keep the same gross premium income as we recorded the previous year despite the lull in business as a result of the policy. But, perhaps, it would have been better and we believe it will be better this year now that people have adjusted to it.

    “Overall, it will keep improving liquidity for us. There is no point having an aspect of debtors in our balance sheet and the cash will not come. We are better off even if it is just for the purpose of the computation of solvency adequacy or liability adequacy test of our International Financial Reporting Standard (IFRS).”

    Adedeji said when the policy was  to usfirst rolled out, some people thought it wouldn’t work but people are adjusting to it now because it has helped insurers in output liquidity unlike in the past when the business is written with a promise by policy holder to pay later.

    ‘’In such situation, he said, once the policy period is over, it becomes sticky and, in most cases, it becomes bad and irrecoverable debt.’’

    On the firm’s plan, he said the management and staff were working towards a company that would be internally driven by an Information Communication Technology (ICT), where transactions would be done via telephone, laptop and iPad in the next five years.

    They also intended to grow the company’s balance sheet in the next five years by 100 per cent, he added.

  • NAICOM to operators: Pay policy holders’ N128m claims

    NAICOM to operators: Pay policy holders’ N128m claims

    The National Insurance Commission (NAICOM) has compelled 13 insurance and two broking firms to pay claims valued at N128 million to policy holders.

    The claims, which have been in dispute, according to a report by the Commission, were settled between January 1 and June 30, this year.

    The report said the sector’s regulator, compelled the affected companies to pay the amount in respect of 26 claims by policyholders after NAICOM’s intervention in the dispute.

    The report titled, ‘NAICOM’s intervention in disputes over claims settlement: Report of activities and achievements for the half year, January 01 – June 30, 2014,’ was signed  and made public by Assistant Director/Head, Corporate Affairs, Salami Rasaaq.

    The claims were paid to the 26 complainants out of the 83 complaints that were received within the first half of the year.

    The report showed that the complaints received include those of year 2013 to date, totaling 404, out of which 215 have been treated with an outstanding of 189 as at end of June, 2014.

    A breakdown of the settled cases revealed that out of the 26 cases resolved, Standard Alliance Life, had seven cases, making it the firm with  the highest number of disputes resolved in this category, while Standard Alliance Insurance Plc had one case resolved.

    AIICO had four cases resolved; Industrial and General Insurance (IGI) and Guinea Insurance had three cases, while Staco, NSIA, NEM, NICON Insurance, Sterling Assurance and Cornerstone had one case each.

    The report further showed that Standard Alliance Life was compelled by NAICOM to pay Andrew Ilanse Life Insurance benefits of N32,777, Ogbene Virginia & Company life benefits of N543,000, Oyeleke Teslim life benefits N136,303.17, Abida Ademokoya life benefits of N2.32 million, University Of Ibadan life benefit of N2.32, A-Asken & Company Life benefits Of N1.124 million and Nigerian Air Force life benefits of N234,032.

    Standard Alliance Insurance Plc was also compelled to pay Udoka Bestman, a General motor policy of N42.12 million.

    Also, Aiico paid Finbank Insurance Brokers a General Aviation of N17 million, AIICO paid Adwunmi Adepoju life benefits of N690,000, AIICO paid Paul Adie Life Benefits N120,000, and Nichodemus Ali life benefit of N24,835.

    IGI paid Benjamin Solicitors life benefits of N3.48 Million, Federal Ministry Of Education & Agencies Group Life Insurance of N1.5 million, Low Bond Solicitors life benefits of N819,802.

    The Commission also compelled Staco Insurance to pay Arizona Insurance Brokers a general motor policy of N1.52 million, NEM paid First & Foremost Investment motor benefits of N 8.87 Million, NSIA paid Eternalie Risk Insurance Brokers Marine of N547,295 NICON paid Hanatu Jankaro motor benefits of N153,800, Sterling Assurance paid Vilisco motor policy of N5.6 million and Cornerstone paid IGI motor benefits of N15.4 million.

    Guniea Insurance paid Sam Omokaro fire benefits of N2.31 million Guinea & Oasis paid Standwell International Co Ltd marine benefits of N803,566 Million while Guinea & Sterling/Chrome Insurance Brokers paid Consolidated Hallmark fire policy Of N10 million.

    Emerald Insurance Brokers however paid Equity Insurance unremitted premium of N6.58 million while Kapex Insurance Brokers paid Chief Abraham Yepwi life benefits of N3.58 million.

  • 22 firms generate N179.9b gross premium

    22 firms generate N179.9b gross premium

    • Leadway, Custodian lead

    Twenty-TWO insurance companies have generated N179.9 billion gross premium income in the 2013 financial accounts, areport by the National Insurance Commission (NAICOM) has shown.

    This represents a growth considering that the result is coming from less than half of the 59 companies total premium income expected for the 2013 financial year.

    Besides, the industry recorded a gross premium income of N300 billion from 2008 to 2012.

    The companies paid a total gross claims expenses of N59 billion.

    Leading the pack are Leadway Assurance with  N41.7 billion, Custodian & Allied Insurance, N22.9 billion AIICO Insurance, N22.8 billion; Continental Reinsurance, N13.85 billion, Mansard Insurance, N13.58 billion and Niger Insurance N10.44 billion.

    Others are Royal Exchange, N8.87 billion, Sovereign Trust Insurance N8.67 billion; Zenith Insurance, N6.4 billion; Cornerstone N5.3 billion; ADIC (NSIA) N4.66 billion; Regency Alliance N3.1 billion; FBN Life N3.89 billion; Law Union & Rock N3.4 billion and Linkage Assurance N2.68 billion.

    Also, Wapic Insurance paid,N2.38 billion; Royal Prudential Life N2.14 billion; UBA Metropolitan Life N1.57 billion; UBA Metropolitan Life N1.57 billion; Zenith Life N1.52 billion; Oasis N1.24 billion and Wapic Life N655 million.

    According to the report, which was released in Lagos by NAICOM’s Assistant Director and Head, Corporate Affairs, Rasaaq Salami, titled, ‘Status of 2013 Financial Statements of insurance companies as at July 25, this year, aside the 22 firms, which got approval on their account before the June 30 deadline on submission of annual accounts, 16 others that were also able to submit their annual accounts before the deadline, are yet to get approval owing to queries issued to them by NAICOM.

    The firms are Lasaco Assurance, Lasaco Life Assurance Limited; Sterling Assurance; NEM Insurance; Equity Assurance; Old Mutual (Oceanic Life) Nig. Life and Prestige Assurance.

    Others are Anchor Insurance; Guinea Insurance; KBL (PHB) Insurance; ARM (Crystal) Life; Fin Insurance Company; Old Mutual (Oceanic) Insurance General; Standard Alliance Life; Unitrust Insurance Company and Nigeria Reinsurance Corporation.

    The report further showed that four firms submitted their financials in July after the deadline and their accounts are under review. They are Mutual Benefits Assurance, Mutual Benefits Life Assurance Limited, Universal Insurance Company Limited and Consolidated Hallmark Insurance.

    Meanwhile, 17 firms are yet to submit their accounts. They include African Alliance, Capital Express, Goldlink, Great Nigeria, Industrial & General Insurance, International Energy Insurance, NICON Insurance, Nigerian Agricultural Insurance Corporation, Staco Insurance, Standard, UNIC, Union Assurance and Unity Kapital.

    Others are Alliance & General Insurance, Alliance & General Life, Investment& Allied and Spring Life Assurance Plc.

    Going by the regulation, these group of firms that are yet to submit before the deadline of June 30, would pay N5,000 fine to NAICOM for each day that they are  in default.

  • Insurance industry reforms trigger salesmen job

    Insurance industry reforms trigger salesmen job

    The corporate strategic plan of the National Insurance Commission (NAICOM) which defined its transformation agenda for the industry is creating job opportunities. Initiatives and projects like the Market Development Restructuring Initiative (MDRI) project, micro insurance and takaful business and life insurance, among others are areas generating employment in the industry. Omobola Tolu-Kusimo writes.

    The ongoing transformation agenda initiated by the National Insurance Commission (NAICOM) has continued to create jobs in the country.

    The agenda has birthed different initiatives and projects ranging from licensing of Micro Insurance and Takaful companies to increase insurance penetration and opportunities provided by the Market Development Restructuring Initiative (MDRI) project among others.

    The MDRI project is a medium-term plan between the transformation period of installing the first phase of the necessary reforms in the area of capacity  building, market efficiency and consumer protection in the Nigerian insurance market.

    A key development in the sector that has brought about employment opportunities is the focus on salesmen,  insurance agents and marketers by the regulator and insurance operators to achieve penetration.

    Part of NAICOM’s,‘Corporate Strategic Plan, 2011-2015,’is to sensitise the National Youth Service Corp members towards choosing a career as insurance agents, encourage operators to open more insurance outlets, as well as utilise trade association.

    The Commission intends to achieve N1 trillion premium income, lower insurance gap from 94 per cent to 70 per cent, increase insurance contribution to GDP from 0.72 per cent to over 4 per cent and most especially, create jobs for 250,000 Nigerians.

    The industry as at 2013, has generated premium income of about N300 billion and total assets of N600 billion.Although insurance premium to GDP is still below one per cent, premium income has been growing at about 18 per cent a year and could quadruple over the next two to three years with the ongoing market development initiatives, according to NAICOM.

    This growth in the industry has been generated from 59 insurance companies, two reinsurance firms, 550 brokers and about 1500 insurance agents.As at 2010, the industry recorded one million policy holders, 20,000 employees, total insurance premium income of N57 billion and premium ratio to GDP of less than 0.5 per cent.

    But by the end of 2013, the industry had being able to achieve 2.5 million policy holders, 40,000 employees, total insurance premium of N260 billion and premium ratio to GDP 0.7 per cent, a far cry from the Commission’s target.

    NAICOM Deputy Commissioner, Finance and Administration, George Onekhena told The Nation that MDRI, Micro Insurance, Takafulare growth areas that is creating job opportunities for job seekers.

    He said when Takaful license is granted, people will be employed by the companies, adding that the Micro-insurance companies will also create major jobs as it entails selling insurance at the grassroots.

    He said: “A lot of jobs will be available in the industry when the Takaful and micro insurance firms granted licences begin operation. The MDRI initiative which is enhancing the growth of insurance companies will also create more jobs.

    “Insurance companies are getting more businesses and they will need to engage more hands. Similarly, the ‘No premium, no cover’ policy is going to increase the stability of the companies and if it does, they will be more liquid, make more return on investment and engage more people.

    Onekhena said job seekers should be on the watch out for various opportunities in the industry.

    He advised job seekers to draw a list of insurance companies and monitor their websites for advertisement as some of them will advertise on their website.

    He added that actuaries are very scarce in the industry.

    We have very few Nigerian actuaries and what we are trying to do is to commence a process and try to see how we can encourage people to take interest in the profession for the future so that the future will have the kind of actuaries we want in the industry.

    Director-General, Nigerian Insurance Institute of Nigeria (CIIN), Kolawole Ahmed on his part, said the insurance companies are presently consolidating to expand their business model.

    He said foreign companies are also showing interest and are acquiring some local companies, while others are embracing micro insurance, takaful and life insurance business.

    He urged people who may want to build a career in the industry to look into becoming sales agents because, according to him, there are potentials by way of sensitising people.

    He said insurance companies are now recruiting field marketers.

    He said: “The industry in Nigeria is still evolving with renewed interest from investors, especially foreign investors in the industry. This is as a result of the enormous potential they see in the Nigerian insurance industry and the fact that more than 90 per cent of the population has yet to embrace any form of insurance. This renewed interest can only translate to one thing for the professionals – increased job opportunities in the sector.

    In addition to job opportunities in the core sector of the industry, underwriting, broking and loss adjusting, there are also openings for insurance professionals in other spheres of the economy, like manufacturing, construction, telecoms, oil and gas and in the MDAs.

    Job opportunities also abound in secondary schools as insurance teachers and  lecturers in various insurance departments of many tertiary institutions that offer insurance as a course of study.”

    Managing Director, FBN Life, Val Ojumah on his part, said insurance companies are doing very well in providing employment in the country.

    He said: “For us at FBN Life, we have engaged 177, 000 sales men, 93 full time employees and another 250 contract employees. We are still engaging and employing people.

    “This is just in our over three and half years of operation as a company. I believe insurance companies are doing extremely well in providing employment and I don’tthink any company if it’s not in agric, manufacturing or the bank can provide this number of employment in three years?”

    He also said there are job opportunities in the sales area adding that it is an area that employs most people in the world.

    Managing Director, MayowaAdedurosaid insurance agents have contributed to deepening insurance penetration and has contributed over 10per cents to the company’s income in 2013.

    Speaking on the role of agents in distribution of  insurance,  he said that the contribution of agents to the income of the company makes its very significant, adding that when an agent is doing over N200million to the income of a company it become an important agent.