FG to offset N10bn premiums owed insurance companies


Respite came the way of Nigerian insurance industry yesterday, as the Federal Government promised to offset outstanding premiums owed the sector as soon as the economic situation of the country improves. Cumulative premium on group life insurance owed the insurance industry by the Federal Government is said to be in excess of N10 billion.

Minister of Finance, Mrs Kemi Adeosun, at the National Insurance Commission (NAICOM) 2015 staff retreat in Abuja said government was cautious of its debt to the sector and will endeavour to clear it as soon the nation recovers from the economic downturn. Adeosun said, “government meeting its responsibility of paying premiums to some extent is a challenge; you will also agree with me that there is a serious situation in the country in terms of revenue that accrues to government.

 

Check the Vanguard newspaper for the full story.

 

 

 

 

 

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