Experts task insurers on mergers, acquisitions for big-ticket guardian.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from guardian.ng Daily Mail and Mail on Sunday newspapers.
Vanguard News
Insurance industry performing below capacity PwC
On
By Peter Egwuatu
The Nigerian insurance indus-try is performing below its risk capacity evident by the low patronage of insurance services in the country.
PriceWaterHouse analysts stated this in a report titled: Insurance penetration in Nigeria.
The analysts are of the view that if the growth in the insurance industry can be achieved, it will aid development and growth in the economy, encourage savings and investment, aid job creation and growth in capital markets and financial assets.
The insurance stocks on the Nigerian Stock Exchange, NSE, are not performing well as they should, given the apathy of investors who believe that insurance firms are not well managed, thus affecting profitability.
NIFAN elects JAIZ Bank MD, Hassan Usman, pioneer president
Mr Usman was inaugurated alongside other six EXCO members to steer the affairs of the umbrella body of all corporate organisations offering non-interest financial and related services.
ADVERTISEMENT
The Non-Interest Financial Institutions Association of Nigeria (NIFIAN), on Friday in Abuja elected the Managing Director of
Mr Usman was inaugurated alongside other six EXCO members to steer the affairs of the umbrella body of all corporate organisations offering non-interest financial and related services in the country for a first term of 2 years.
Those elected include Hajara Adeola, Managing Director/CEO, Lotus Capital Limited as Vice-President; Norfadelizan Abdulrahman, Managing Director/CEO of TAJBank Limited as Treasurer; and Fatai Ola Bakare, of SunTrust Bank Nigeria Limited as the Secretary-General.
Those elected include top management officials from Taj Bank, SunTrust Bank, Cornerstone Takaful Ltd and Noor Takaful Ltd among others.
Chairman of NIFIAN’s Board of Trustees, Babayo Saidu, said the association was registered on August 28, 2020 and incorporated at the Corporate Affairs Commission (CAC).
He said the association promotes common interest of member-organisations towards developing the non-interest financial services industry in Nigeria, creating an enabling regulatory environment through advocacy as well as deepening financial inclusion through market engagements and financial literacy.
In his inaugural address, the association’s president, Usman, said the journey started more than a decade ago with Nigeria Islamic Finance Working Group, a multi-institutional platform under the auspices of EFInA (Enhancing Financial Innovation and Access).
Financial Inclusion: Challenges, prospects of increasing access to insurance
On
By Rosemary Iwunze
In 2012, the Central Bank of Nigeria, CBN, launched the National Financial Inclusion Strategy with the aim of increasing the number of adults that have access to financial services to 80 per cent by 2020.
To achieve this, different targets were set for each sector of the financial system. For the Insurance industry, the target was 40 per cent insurance penetration amongst the adult population by the year 2020.
According to a survey released by Enhancing Financial Innovation and Access, EFInA, in 2018 titled: “Access to Financial Services in Nigeria 2018 Survey”, out of a total adult population of 99.6 million, only about 1.6 million adults representing 1.6 per cent had any form of insurance in 2018, representing 0.1 per cent decline from 1.7 million adult population in 2016.