• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Tuesday, July 5, 2022
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Nigeria Liability Pool 2021 Performance Outpaces Insurance Results

Nwanne Ikemefune by Nwanne Ikemefune
May 26, 2022
in Insurance
0 0
0
Adegbayi A

Ms Adetola Adegbayi, Chairperson NLIP and Executive director, General Business Leadway Assurance

0
SHARES
14
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

“I am very delighted to report a strong financial performance for the pool for the ended 31st December 2021 notwithstanding the uncertainties that engulfed the world in the aftermath of the Covid 19 pandemic.”

That was the tone of the board chairman, Nigeria Liability Insurance Pool, Ms Adetola Adegbayi, (pictured) as she unveiled the 2021 annual report to members at the 12 annual general meeting today in Lagos.

2021 was the second year of the Pool’s current five rolling year, and it grew its gross premium by 10.73%, from N1.13bn to N1.25bn in the previewed year. The claims paid paid to member companies increased by 5.06%, from N252million to N264million. Also, investment income and other income grew to N50.1million from N28.5million, representing a 75% increase. Besides, net surplus for for the year was N339million as against N279million which is 21.% rise.

L-R: Mr. Gabriel Tuoyo (Niger Insurance, Mr. Sam Ogbodu (SUNU Assurances), Mrs Adeyinka Adekoya (MD/CEO Nigeria Liability Insurance Pool), Ms Adetola Adegbayi (Chairman, NLIP board), Mr. Olamide Olajolo (Coronation Insurance), Mrs. Helen Osadunkwu (Cornerstone Insurance), and Mr. Adewale Kadri (AIICO Insurance).

Still surfing on the “impressive performance of the Pool in 2021,” Adegbayi announced and got approval of a surplus of 190 kobo per N1share, with the board charge that “distribution will be carried out subsequently within a reasonable timeframe.”

She also applauded members improved cession to the Pool, also significant, was increases in employers contingent liability (77.7%), and builders & occupiers liability (38.7%). The dominant premium cession, third party liability improved by 23%; others followed, directors & officers liability 6%, public liability 5.4%, professional indemnity 4.6%. However, workmen’s compensation was the only class with a reduction of 19%. No reason was offered.

Confident for another run based on current improvement, she said this is reinforced by expected increase in the insurance industry gross premium this year, “hence the Pool expects more cessions of businesses from member companies as their business portfolios increases.”

Previous Post

Russia-Ukraine Conflict Thwarting Global Recovery

Next Post

Insurance Industry, NAICOM Commit All For Full Exploration of AfCFTA Benefits

Nwanne Ikemefune

Nwanne Ikemefune

Next Post
NAICOM Head office

Insurance Industry, NAICOM Commit All For Full Exploration of AfCFTA Benefits

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

April 3, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

349
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

48
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

42
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

41
Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

July 5, 2022
Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

July 1, 2022
Nigeria’s Babajide-Agbeja Takes The Helm At Africa Insurance Brokers Association

Nigeria’s Babajide-Agbeja Takes The Helm At Africa Insurance Brokers Association

June 30, 2022
Africa And Asia Lead Emerging World On Climate Commitments

Africa And Asia Lead Emerging World On Climate Commitments

June 28, 2022

Recent News

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

July 5, 2022
Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

July 1, 2022
Nigeria’s Babajide-Agbeja Takes The Helm At Africa Insurance Brokers Association

Nigeria’s Babajide-Agbeja Takes The Helm At Africa Insurance Brokers Association

June 30, 2022
Africa And Asia Lead Emerging World On Climate Commitments

Africa And Asia Lead Emerging World On Climate Commitments

June 28, 2022
AIO President Says Africa Low Insurance Penetration Is A Challenge To Overcome

AIO President Says Africa Low Insurance Penetration Is A Challenge To Overcome

June 28, 2022
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

National Insurance Commission Decommissions Standard Alliance Plc And Niger Insurance Plc

July 1, 2022
AM Best Upticks AIOs Strategic Initiatives

AM Best Upticks AIOs Strategic Initiatives

June 27, 2022
STI Pools Sport Laurels At NCRIB Maiden Lawn Tennis Tournament

STI Pools Sport Laurels At NCRIB Maiden Lawn Tennis Tournament

June 27, 2022
M&A

Merger & Acquisition Transactions Exceed £815bn In 2021

June 24, 2022
Enforcement Of Compulsory Insurances: Abuja Leads States Follow

Enforcement Of Compulsory Insurances: Abuja Leads States Follow

June 27, 2022
Preferred PenCom Logo

Q1 2022: RSA Transfer System Dips, Improving PFA operations Make Early Call

June 22, 2022
Universal Insurance Clinches 2022 Excellence In General Insurance Leadership Award

Universal Insurance Clinches 2022 Excellence In General Insurance Leadership Award

June 22, 2022
Ag PenCom DG

Capacity Building: PenCom X-rays CPS To States With Varied Low Dimensions On Start-Up

June 20, 2022
Image Spin: Financial Inclusion Engaged On All Fronts

NAICOM, Other Regulators Tell Nigeria’s Financially Excluded That Micro Policies Are Lifters And Soft Landing For Their Risks

June 19, 2022
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

Road Sanity Bonanza: Nigerians To Be Rewarded For Good Driving

July 5, 2022
Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

Inflation To Drive Insurance Protection Gap To New High In 2022: Swiss Re

July 1, 2022
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2020 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In