the Nigerian Insurance industry is expected to make tremendous contribution to the Gross Domestic Product (GDP).
Wiggle said that with GPW in 2013 at N314.95b ($1.93b) the figure is expected to reach N1 trillion ($6.13b) by 2019.
This represents a cumulative average growth rate of 21 percent over 6 years which is typical of a developing market where premium growth outpaces GDP growth and will also lead to a 0.9 penetration by 2019.
Speaking with our correspondent during an interview in Lagos, Wiggle who is the chief executive officer (CEO) of Linkage Assurance attributed some of the successes to regulatory policies of NAICOM who he said has made several reforms to reduce apathy in the Insurance Industry.
Speaking on one of the reforms, the Market Development and Restructuring initiative (MDRI), Wiggle stated that the initiative was launched in 2009 with the objectives of transforming the industry from N160 billion premium income to a trillion Naira industry.
According to him, This was to be done through the enforcement of five compulsory insurances stipulated by the insurance act of 2003 which are third party motor insurance; Statutory Group Life Insurance; Employee’s Compensation, Occupier’s Liability and health Care Professional Indemnity Insurance.
The project was launched in six geo-political zones of the country and enforcement commenced in March 2011.
He also mentioned that the MDRI has the objective of creating 50,000 jobs through the agency system, while also targeting to fight against fake insurance.
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