The Nigeria Insurers Association, NIA, the umbrella body of insurance underwriters, has released the 2006 records of performance by insurance operators to the public.
The official document of the NIA which captures the performance of the industry for the corresponding year was released at the 36th annual general meeting of the association held in Lagos last week.
The document, popularly called “Large Claims,” is the NIA annual report and insurance claims, which features claims of N1.5 million and above paid by insurance companies in 2006 as well as the amount as the amount of claims in each of the various classes such as life, motor, accident, fire and theft.
The report which also shows the performance of the industry in terms of total gross premium carried, percentage growth of the industry and the underwriting performance of the insurance sector, has become a reference material for the insuring public, researchers, investors, academics, stockholders, financial analysts and marketing consultants.
According to Ezekiel Chiejina, the director-general of the association, “The annual general meeting affords the association the opportunity to present vital statistics on the performance of the industry in the last year. There is a very strong indication that the insurance sub-sector is waxing stronger by the day and will remain the toast of investors now and in the future,” he added.
The statement added that another significant aspect of the meeting would be the conduct of elections into the six vacant positions in the governing council in the association as a result of vacancies created by the retirement of some members.
