The National Insurance Commission (NAICOM) said that insurance companies carry risks that are over N1 trillion, retain about N350 billion premium income and discount over N350 billion.
The Deputy Commissioner Technical, Mr. Sunday Thomas disclose this at a forum in Lagos recently.
According to him, this ugly development has forced underwriters to survive on investment income.
He therefore implored insurers to jettison this unwholesome practice and leverage on the various initiatives introduced by the commission to re-double their premium income and place customers at the center of their services, stressing that insurance contract should not just end with premium and claims.
It is important for operators to make out time to educate and also help their customers to manage their risks.