The Nigerian Liability Insurance Pool, closed the operations of 2019 with a 7.37% improvement on the previous year.
The pool for the first time, crossed the threshold into billion mark and, pooled N1.04b over N970.9m in 2018, a modest increase of 7.3%.
The chairman, Mr Edwin Igbiti and MD/CEO Niger Insurance, reiterated that the survival of the pool depends on the performance of the members. “The year under review is not an exception and this was reflected in the pool’s performance for the period under review.”
The claims paid by the pool equally reduced by 8.7 % from N271.20m to N247.6m. The underwriting surplus was N378.8m an increase of 7.54% over N352.2m.
The pool achieved a net premium income of N1.01b after provision was made for excess of loss reinsurance premium.
However, the result showed a 15.30% reduction in investment income from N82.15m to N71.25m, while other incomes moved up from N0.9m to N4.89m, an increase of 432.9%. Based on the performance, the board approved 108k surplus for every N1 share.
A breakdown of the gross premium income, motor N409.28m (39.26%); workmen’s compensation N109.06m (10.46%); employers liability N19.51m (1.87%); public liability N396.04m (37.99%) professional indemnity N59.21m (5.68%); builders occupiers liability N1.59m (0.15%); directors and officers liability N47.78m (4.58%).