Nigeria Liability Insurance Pool maintains growth, records N478.6m claims
L-R: Directors, Nigeria Liability Insurance Pool, Razzaq Abiodun; Olamide Olajolo; former Chairperson, Adetola Adegbayi; Outgoing Director, Ganiyu Musa; Managing Director, Adeyinka Adekoya; Chairman, Gboyega Lesi; Directors, Samuel Ogbodu; and Ademayowa Adeduro, during the 14th annual general meeting in Lagos on Tuesday.
Nigeria Liability Insurance Pool maintains growth, records N478.6m claims
Nike Popoola
Nigeria Liability Insurance Pool maintained growth path and remained resilient in 2023 financial year despite the market dynamics.
While presenting the 2023 annual report during its 14th annual general meeting in Lagos on Tuesday, the Chairman of the Pool, Gboyega Lesi, disclosed that the Pool’s claims expenses rose by 61 per cent in the year under review.
The board of directors also announced a surplus distribution of N174.606m during the meeting.
In the report presented to the stakeholders, Lesi noted that, “Claims expenses grew by 61 per cent from N297.3m in 2022 to N478.6m in 2023. This increase is majorly due to the review of third party liability limit from N1m to N3m for private motor, N5m for third party property damage and high inflationary rate in the country.”
Full implementation of the party motor insurance also contributed significantly to the growth of premium income, he said.
He added that despite the increased in claims expenses, the Pool posted an impressive underwriting surplus of N533.4m in 2023, showcasing operational efficiency and prudent risk management.
The chairman disclosed that the total asset of the Pool increased from N1.3bn in 2022 to N1.8bn in 2023, representing an increase of 39 per cent.
Giving further details of the Pool’s performance, he said, investment and other income for the period was N147.4m in 2023 from N89.4m in 2022, a Year on Year growth 64.9 per cent, which was a reflection of robust investment strategies and favourable market conditions.
Net surplus for the years, he disclosed, was N324.9m, reflecting sustained profitability and financial strength.
The chairman noted that, “The Pool owes its success over the past year to the unwavering support of its members. Our aim is to maintain this positive momentum in the Pool’s financial performance.”
He urged members to prioritize the cession of their liability insurance policies.
The chairman also disclosed that Pool II officially took off in January 2023, and that the management was leaving no stone unturned to ensure that more members join the Pool in the days ahead.
