Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Insurance Penetration: Coronation urges regulators to embrace tech 

Abiola Odutola by Abiola Odutola
December 11, 2019
in Business News
Insurance Penetration: Coronation urges regulators to embrace tech 
Share on FacebookShare on TwitterShare on Linkedin

Coronation Research has urged the Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN) to use the existing technology platforms to boost the growth and acceptance of insurance in the country.

The firm tasked the regulators to position the sector for radical growth, as it is important for the National Insurance Commission to partner counterparts in the telecommunication, banking sectors and apply the technology that transformed the duo to reach the industry’s potential.

Head, Coronation Research, Guy Czatoryski, who disclosed at the NSE insurance sector forum, expects NAICOM to consider the lessons learned in Asian markets, and also in West Africa, which shows how insurance can be rolled out to tens of millions of customers.

RelatedPosts

Buhari says Lekki Deep Sea Port to create job opportunities, facilitate trade

Lekki Deep Sea Port takes delivery of first vessel from China

NSE Prepares to Launch X-Mobile to Boost Investors participation, NSE promotes investment diversification, as it holds 4th Market Data Workshop 

He said, “NAICOM can reach out to the 38.5 million bank depositors with Bank Verification Numbers through the CBN and the 172.9 million telecoms subscribers with the support of NCC. It won’t be a bad start for distributing insurance with Telcos. 

“Nigeria has achieved great things in financial services. Pension Fund penetration is an example, with the total assets under management of its pension funds growing, in real terms, at 9.8% between 2008-2018 and taking the proportion of the population covered up to 4.3% and rising.” 

[READ MORE: Niger Insurance to raise N15 billion as recapitalisation deadline looms]

According to him, insurance or microinsurance can be hand out for free as such will help overcome the initial objection people have to pay for something that they do not understand and may not trust as practised in other markets.

“In India, Bharti Airtel, a telecom company, offers free personal accident insurance to customers of its online payment bank, Airtel Payments Bank. The customer’s mobile number is his/her account number, cash withdrawals and deposits are possible through merchant partners, and an online debit card is available through a partnership with MasterCard. Customers receive free accident insurance cover.   

“In Pakistan, U Microfinance Bank, owned by the Pakistan Telecommunications Corporations, entered into a partnership with MicroEnsure Pakistan to launch an insurance product for bank customers in 2018. Customers with a minimum level of deposits in their business current accounts were offered free life and permanent disability cover,” he added.

Appreciating Coronation for the insights, Chief Executive Officer, NSE, Oscar Onyema, also urged NAICOM to explore the opportunities across both banking and telecommunication industries.

He said, “The Nigerian Insurance industry has grown remarkably over the years, generating a Gross Premium Income (GPI) of ₦448.6 billion in 2018, reflecting a 12% growth from 2017. The industry also recorded an increase in its asset base by an estimated sum of ₦1.3 trillion as at December 31, 2018, reflecting a 17% Compound Annual Growth Rate over the last three years.”  

[READ ALSO: Continental Reinsurance Plc suspended from trading shares on NSE]

According to the National Bureau of Statistics (NBS), Onyema added that the Insurance sector recorded a nominal growth rate of 6.69% and a real GDP growth rate of 3.96% in Q3 2019 from 4.48% in Q2 2019 and 1.03% in Q3 2018.

“Although this data indicates a positive outlook in the Nigerian insurance industry, the reality and headwinds faced by operators in the sector are quite formidable. Many licensed insurers are largely undercapitalized, thus limiting their ability to take on big-ticket in-country risks, as is often required in the oil & gas, marine and aviation sectors. 2As at Q3 2019, the insurance sector contributed less than 1% to the Gross Domestic Product (GDP) of Nigeria,” he added.

Related

Tags: Central Bank of NigeriaCoronation ResearchGuy CzatoryskiNational Insurance CommissionNigerian Communications Commission

Leave a Reply Cancel reply

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

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • JP Morgan warns that oil prices could surge to $380 a barrel
    • Buhari says Lekki Deep Sea Port to create job opportunities, facilitate trade
    • Weekly Stock Update: Nigerian Exchange Group record gains, up 0.24% w-o-w

    Follow us on social media:

    Recent News

    reserves, Nigeria Crude Oil Prices, Nigeria wants international oil companies to pay up now , Trade conflict between United States, China continues to affect oil prices, Global oil prices rally to $69.16, as Soleimani killed in US air strike, Crude oil prices continue to rise on the backdrop of US-Iran tension, Coronavirus projected to affect crude oil demand negatively , Worry, as Coronavirus threat pushes oil price below budget benchmark, Coronavirus: FG to review budget as oil price plunges, BOOM: Crude oil price crash below $30 in worst trading day since 1930,Bears ravage Global market, Brent Oil surges 10% trading at $27.29 per barrel, Crude Oil up 10% as Brent crude raises to $27 per barrel, Oil market crisis – possible production shutdown looms, The time crude oil became cheaper than water,, Brent crude surges past $40, analyst recommends investment in crude oil derivatives, Nigeria's Bonny light hit four months high, Nigeria's Bonny light hit four months high

    JP Morgan warns that oil prices could surge to $380 a barrel

    July 2, 2022
    Buhari says Lekki Deep Sea Port to create job opportunities, facilitate trade

    Buhari says Lekki Deep Sea Port to create job opportunities, facilitate trade

    July 2, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com