How Insurance Industry grossed nearly N1 trillion under Jonathan’s administration

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Without mincing word, the growth in the Nigeria insurance industry under President Goodluck Jonathan’s administration is highly commendable as it recorded almost N1 trillion in its Gross Premium Income (GPI) between 2011 and 2014.

The GPI, which amounted to N965 billion, grew by 14.8 per cent, from the N840 billion recorded within a period of 10 years before Jonathan took over as president in 2011.

The breakdown of income recorded by the sector in Jonathan’s administration: in 2011 it recorded N180 billion; N200 billion in 2012, N285 billion in 2013 and estimated N300 billion in 2014.

Before Jonathan’s administration, the industry received N27.7 billion, N33.1 billion, N44.5 billion and N55.9 billion premiums in 2000, 2001, 2002 and 2003 respectively.

The insurance industry also pooled a total written premium of N69.4 billion, N76.3 billion, N82.3 billion and N100.6 billion in 2004, 2005, 2006 and 2007, respectively.

Commissioner for Insurance, Mr. Fola Daniel, noted that the Nigerian insurance industry has witnessed tremendous changes in recent times owing to the new reforms embarked upon by National Insurance Commission (NAICOM).

These reforms according to Mr. Daniel, include the introduction of Risk Based Supervision, migration to International Financial Reporting Standard (IFRS) from the Nigerian Generally Accepted Accounting Principles (NGAAP) and Market Conduct Reforms.

Similarly, under President Jonathan, the No Premium, No Cover policy was fully implemented and has in turn been adopted in a country like Ghana.

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