Retail business is a cash cow that has the capacity to boost
the premium income of the insurance industry, Managing Director, Law Union
& Rock Insurance Plc, Jide Orimolade, has said.
Orimolade, who made this known during the CEO Forum of the
National Association of Insurance and Pension Correspondentsp (NAIPCO), said
his company is set to fully explore the huge growth potential in the retail
business.
He said the company is targeting to grow its gross premium
written in 2018 by 35 per cent through retail business, adding that the company
also plans to reposition itself in the engineering sector and tap into the
opportunities provided in the 2018 budget.
He added that the 30.8 per
cent share of capital expenditure signals that a lot of activities,
which would require insurance service better than 2017, should be expected.
He further stated that the company is leading with eight
power plants and plan to do more in the new year.
He said the engineering market is expected to contribute
largely to the premium of the company in 2018.
He said: “In 2018, we are going to be committed to effective
distribution of most of our retail products. Most of them have already been
deployed on our e-platform to make it easily available to the customers.”
On awareness creation, Mr. Orimolade said the company would
be looking at how to improve its image and brand visibility in the market.
“ During the recession, every industry playing in Nigeria
market were battered. And now that we are in recovery session, we will
definitely recover together.
“We see a better economy clearly showing continuous decrease
in consumer price index now at 15.91 percent, increase in crude oil price now
at $62.99, foreign exchange dropping. All these indices show a better 2018,” he
assured
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