Profile of life assurance premium on the rise



Notwithstanding challenges of weak economy, widespread insecurity, infrastructure decay which has impacted negatively on the social and economic activities of the country, however, life assurance offices have continued to sustain and strengthen marketing of life businesses to deepen penetration in the country.

For instance, a release from the National Insurance Commission (NAICOM) website indicated a rising profile of life offices premium income between 2008 and 2013. In 2008. the industry recorded a premium income of N30,735.72 billion; it increased to N36,833.33 billion in 2009. In 2010, it went up to N43,039.17 billion, in 2011, it increased to N57,996.13 billion premium and N64.909.06 billion in 2012 while 2013 recorded a premium income of N80,520.24 billion.

Prior to the industry consolidation exercise in 2008, the market has not given serious consideration to life products, only few insurance firms have functional research and development (R&D) department worth the name to conduct research into new products backed with manpower, adequate financial and budgetary allocation by the companies.

Indeed, what existed was old policies that are often repackaged, renamed and soon after they are unveiled to the public, they faded away into oblivion, like any venture that is not based on serious research work.

However, in the new market place, building necessary capacity to conduct research and come up with innovative products that satisfy public demand and add value to the customer is an essential ingredient of the reforms in the industry.

It is on the basis of this desire that the National Insurance Commission (NAICOM) commended the board and management of Mutual Benefits Assurance Plc for the bold efforts the company has made to identify with public demand , when they unveiled 36 new non-life and life products into the insurance industry to meet the specific needs of the insuring public.

Life assurance products on display include Lady life Assurance, Juventile life assurance; Mortgage endowment; Pilgrims welfare insurance policy; celebrity life assurance policy; senior life assurance policy, Mutual senior citizen plan, Mutual Benefits school fees guarantees scheme; MOAN-NULGE policy; and Mutual income continuity plan.

The Group Managing Director of the company, Dr. Akin Ogunbiyi, speaking on the bold step the company has taken to drive insurance penetration in the country, said the unveiling of the new products, Mutual Benefits clearly stood out as number one insurance company with innovative products to meet the needs of the insuring public in different sectors of the economy.

He said that the company has 7,200 staff in 60 branches of the company throughout Nigeria, determined to take insurance to the nooks and crannies of this country and make Nigerians enjoy the benefits and value of insurance.

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