Amaka Obiefuna

The Chairman of Nigerian Insurers Association (NIA) Mr. Ganiyu Musa says insurance companies have paid over N11billion claims to insureds that suffered losses from the Endsars riots in 2020.

Musa who disclosed this to insurance correspondents at his maiden press briefing for year 2022, said the association would continue to emphasize the need for insurance companies to pay all genuine insurance claims and will not hesitate to sanction erring member companies, adding that “during the last year, the Gross Premium Written stood at about N508billion while claims paid by member companies amounted to about N224billion which is 44% of the total industry premium.”

He said NIA “is collaborating with LSC, NCRIB and Courteville on the Implementation, enforcement and validation of genuine compulsory Occupiers Liability Insurance made mandatory by Law for all public buildings through Nigerian Insurance Industry Database (NIID) Verification Platform. The exercise will be launched on 28th April, 2022 and enforcement will commence in May 2022. We are building capacity of its members to enhance compliance in line with the emerging regulations.”

According to him, “the Consolidated Insurance Bill 2020 is still receiving legislative attention in the National Assembly and the Association is on top of developments on it. We are optimistic that the Bill will be passed into law before long. We are happy to note that the Finance Act 2021 has been signed into law and this has resolved a major issue with regards to the definition of the components of minimum capital. The Association is engaging the National Insurance Commission with a view to determining the next steps.”

“We are happy to note that our members have increased upload on NAICOM Portal. We have encouraged those who have challenges to escalate them so that a solution can be provided.”

“The Association will continue to complement the efforts of NAICOM in their campaign on domestication of compulsory insurances in the States It is our expectation that laws on compulsory insurance can be domesticated in other States just as Lagos State has done. Beyond the efforts of the Commission, the Association has also upscaled its market development initiatives through strategic engagements with the various states. Some of them include.”

Musa added that the association is working with Lagos State government in the enforcement and validation of genuine compulsory third Party insurance made mandatory by Law through Automatic Number Plate Recognition (ANPR) device of VIS through Nigerian Insurance Industry Database (NIID) Verification Platform” and that NIA “is in discussion with LASBCA with a view to using the Nigerian Insurance Industry Database (NIID) Verification Platform for enforcement, verification, and validation of genuine compulsory Buildings Under Construction Insurances made mandatory by Law through Insurance Act 2003 (SECTION 64), and Lagos State Urban and Regional Planning and Development (Amendment) Law 2019 (Lagos State Urban and Regional Planning and Development Law, CAP U2 Lagos State Building Control Agency Regulations, 2019.”

He announced that NIA “will host this year’s IICC International Insurance Conference in Abuja from 3 – 5 July 2022” adding that the new NIA House is nearing completion, with Building Committee chaired by Mrs. Ebelechukwu Nwachukwu who has been saddled with the responsibility of organising the unveiling of the New NIA House. “We also plan to use the occasion to mark the Association’s 50^th Anniversary Celebrations. We will apprise you with details as we plan along,” he said.

NIA is presently discussing with with NEXIM Bank, MNK Re Limited (Broker at LLOYD’S), PRAN, and the Guild of Marine Surveyors with a view to developing cover for Export Credit Guarantee Insurance and Political Risks for the banks and exporters.