The Chartered Insurance Institute of Nigeria (CIIN) has called on insurance operators to be proactive and innovative to convert economic challenges to opportunities as risk bearers to increase the industry’s penetration.
The President of the Institute, Edwin Igbiti, in his New Year message to the industry players, said indeed 2022 was an interesting and remarkable year and availed the institute in particular and the Nigerian Insurance Industry with opportunities to evolve and revamp its business operations to measure up with the present global trends witnessed in the industry.
“Despite the numerous economic recessions, the effects of COVID-19, and the #End SARS protests, which resulted in millions of claims, the sector experienced laudable progress,” he said. “To corroborate this, data from the National Bureau of Statistics , revealed that the insurance sector rose to 19.09 per cent at the end of the third quarter of 2022, as against 5.10 per cent in the same period in 2021 and 6.09 per cent in the second quarter 2022.
He stated that 2023 projections for the industry by global economic experts, revealed that the insurance industry is projected to return to premium growth of 2.1 per cent yearly on average in real terms following total global premiums falling by an estimated 0.2 per cent in real terms in 2022 due to inflation.
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