Monday, April 19, 2010

Nigeria: Niger Insurance Rakes N6.6bn Premium Income.

Though the out gone year of 2009 was tough for most businesses, underwriting firm. Niger Insurance Plc wearthered the storm, raking in N6.6billion premium income, a 25 percent increase from 2008 figures.

Its underwriting profit stood  at N3.4billion as against N2.4billion in 2008, which indicated a growth of 40 Percent, showing that the company must have been prudent in its risks assessment and managemment.

The bottom-line and the net profit of the company would still be dependent on provisioning and board ratification, which has become critical issue on regulation in the insurance industry.

This means, outstanding premium depending on their maturity period would be provided when the regulator lays its hands on the results, and this would go a long way in determining what the net result would be.

Justus Uranta, managing director, said the company paid out N1 billion claims to its numerous customers that suffered losses during the review year. thhe figure was a 15 percent increase from that in 2008.

Uranta noted with the current global meltdown and its attendat effect on business, including the insurance sector during the under review, the company tried to maintain an effective financial management which enabled it to weather the storm.  

" Besides the effect, we have strived to  sustain the customers confidence in our business, meeting our claims obligations promptly,''  he stated.

According to him, the objective of the company is to become the insurance company of the first choice in Nigeria by 2012, through various programme such as stretetgic partnership  with stakeholders in the industry, re-engineering through human capacity bullding, acquisition of up-to-date information and communication technology wares, as  well as improved investment policy through stretegic horizotal and vertical diversification.

'' in a very short time, customers would be able to communicate and relate with the company on line real time through our recently acquired platform which is of international stanndards.

And to enhence its travel insurance package, the company have repackage its travel insurance in partnership with MapFre/Asistencia, a Spanish company which is one of the best travel insurance providers in the world.

'' our travel insurance is valid for use  in any of the Shengen countries and other Europeans countries'' Uranta noted.

With asset base of over N15 billion, Niger is of the most stable company in the market, and would be marking its golden anniversary in the eighteen  months.    

  

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