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NIGERIA: Staco Insurance targets N8.5bn premium income

Managing Director Mr. Sakiru OyefesoStaco Insurance plc has set in motion all strategies within the ethical limits to gross premium income of not less than N8.5 billion in the current year 2013, as against N6.7 billion generated in 2012.

The company’s Managing Director Mr. Sakiru Oyefeso, hinted during an interaction with journalists in Lagos recently that, though it is difficult make premium projection due to the enforcement of “no premium, no cover” law contained in section 50 of the Insurance Act 2003, the insurance company has a guide it is working with.

He said “Projection is very difficult to work on with this new law until the dust is settled. However, we have a guide to operate with. Last year, we end our business with N6.7 billion gross premium income. This year, we believe we should grow to N8.5 billion. But with the new trend of activities going now, it could be hard.”

Oyefeso added that the insurance outfit is, however, optimistic of meeting its premium target especially as “there could be opening in the economy with the seriousness of the Federal Government that the energy sector will come up, road network will be good, and there will be provision of potable water in all nooks and crannies of the country. These are all gigantic projects that will need insurances. These are the areas that could help the insurance industry to generate more income. The oil and gas is there for us to take advantage of too.”

Again, as individuals are getting more aware of the need to buy insurance policies, the Staco boss stated that more members of the insuring public might eventually buy into the existing micro-insurance products before long.

He also explained that the change of the company’s name from Standard Trust Assurance plc to Staco Insurance plc during the last re-capitalisation exercise in the nation’s insurance industry which ended in February 2007, has also helped the insurance outfit to become a household name in the country.

The Staco boss further stated that the company is not resting on its oars because “We cannot say we have got to maturity, we are still in the process. It takes a longer time to get there. We want to see this company living like Nigeria to reach 100 years and beyond like First Bank.”

To improve on the fortunes of the insurance company in the market, Oyefeso stressed that the organisation has put in place what it called seven “S”, adding that if the seven “S” are pursued vigorously and nobody changes the game, Staco will be better for it at the end of the day.

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