Law Union and Rock Insurance Plc is to unveil some innovative products to attract more Nigerians into insurance.
The Managing Director of the company, Mr Jide Orimoladen, made the disclosure in an interview with newsmen in Lagos.
He lamented that the interest of Nigerians in insurance was low, in spite of the huge potential of the insurance sector in the country.
Orimoladen said the company would expand its micro- insurance unit and develop policies to meet the needs of the micro-segment of the economy.
“This step was also to support the Market Development and Restructuring Initiative of the National Insurance Commission to drive insurance to the grassroots.
“We have already started our micro-insurance unit with its product and channel development initiatives.
“But in this realm, we are expanding the unit to develop more innovative products, which would be launched soon.”
Orimoladen stressed that micro-insurance had potential to significantly improve the lives of the world’s poorest people and positively impact the development of the informal sector.
“A good instrument brings the poor into the conventional financial system and at the same time improves their wellbeing to give them a better standard of living.”
He said that micro-insurance, if well harnessed, would increase the contribution of the insurance sector to the Gross Domestic Product.
“As at now, its contribution is less than one per cent, we are hopeful it will shoot up before the year ends,” he said.
Speaking on the company’s performance, he said the firm posted a gross premium of N4.16 billion for the year ended December 31, 2014.
He said the performance also showed an increase in the company’s total assets from N6.9bn in 2013 to N7.29bn in 2014.
“The company also recorded an underwriting profit of N1.03 billion for the year.
“Other highlights of the approved 2014 account showed that the underwriting firm made a profit before tax of N259.8 million while the profit after tax stood at N125.4 million,” Orimoladen said.
SOURCE: The Nigerian Observer
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