Niger Insurance: Economy retards profits

Chris Ugwu writes that due to harsh operating environment, Niger Insurance, like other insurance firms, has continued to struggle to grow earnings.   Nigeria is Africa’s largest country by gross domestic product and has a mere 0.6 per cent insurance penetration despite the fact that it has all the ingredients for a thriving insurance industry because of its vast population of over 170 million and active economy. Though the insurance sub-sector is important for a sustained economic growth, because it deepens and broadens the domestic financial services and generates higher…

Read More

Niger Insurance: Operational challenges slash profit

Niger Insurance Plc, like its peers, is grappling with reduced premium growth due to challenging operating environment. Chris Ugwu writes     Despite the recapitalisation of insurance firms in 2007, the sector has continued to struggle with challenges such as dearth of appropriate human capital and professional skills, poor returns on investment, existence of too many fringe players and poor asset quality. Other challenges include prominence of unethical practices, significant corporate governance issues, insurance premium flight, poor business infrastructural facilities, especially in the area of ICT and lack of innovation…

Read More