The National Insurance Commission, NAICOM has said that its No Premium No Cover policy has assisted industry operators to stabilise their business.
The Commission said that the policy has also attracted international support for the industry.
Commissioner for Insurance Mohammed Kari who made the remark at the 25th anniversary and new Brand identity unveiling of Boff &Company Insurance Brokers Limited, in Lagos, noted that at the initial stage it looked as if the policy could not be achieved but along the line operators adapted to it and it started yeilding positive result.
Kari represented by deputy commissioner finance and administration, George Onekhena, said the policy had increased the premium incomes and profits of most companies and thereby improved the industry at large.
On IFRS, he said the policy has become a success story and most companys are now keeping to time making sure their accounts are in order and meet the deadline for submission.
The commissioner added that the performance of insurance companies since the introducton of IFRS has made financial accounts of insurance companies gain international recongnition.
He explained that the commission is not only sensitive to local market but international market to encourage foreign investors into the industry.
He further said that changes are necessary to improve the market, adding that the storm is over in the insurance industry.
He also said the commission has up its game and have introduced some changes in the industry.
The changes he said will be reveal with time, adding that they want to set up standard that each operator will be hold accountable for.
Kari while commending the company for their contribution to the growth of insurance industry, said Boff is more interested in compliance and it has worked out well for the company over the years.
He noted that in the last 25 years their service has been outstanding and have complied with polices and directives of the commission.
The Chairman/ Chief Executive Officer of the company, Babajide Olatunde- Agbeja, noted that the company was established 7th October 1991 after securing an insurance Broking license a month earlier.
He said from inception the company aimed to provide personalized service to carve a niche for itself in the industry.
He added that within two years of operation the Lagos office was born to provide personalized professional insurance brokerage services to Lagos customers.
He pointed out that based on the company’ s performance over the years it has secured various accounts in most sectors of the economy.
On branch expansion, he said as of today the company branches are strategically located in Abuja, Port Harcourt and Lagos aimed at serving West, East, South, North and Lagos.
He said to ensure it play actively in the industry the company’s share capital was increased to N75milion while staff strength moved from four to 42 with an average attrition rate of about 1.1 percent as at October 2016.
He however called on the insuring public to patronise only registered insurance brokers, adding that they are more realizable in terms of ensuring adequate claims payment.