NAIC MANAGEMENT EXPENSES EXCEED GROSS PREMIUM INCOME

Shareholders of many Insurance companies have for a long time accused management of such companies of deliberately running their business to ensure that shareholders don’t get any dividend year in year out.

Many thought those shareholders were just crying ‘wolf’.

Their accusations became glaring recently when the Nigerian Agricultural Insurance Corporation (NAIC) released their result.

The company in 2015 wrote a gross premium income of N1.04 billion but had a management expense of N1.10 billion, a ratio of 1.07 per cent.

This ‘show of shame’ has increased calls on the Federal Government to urgently refocus the operations of NAIC which was established to help promote Agriculture through mitigating risks in the sector at a subsidized premium.

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