Staco Insurance is targeting 8.5 billion NGN of premiums in 2013

In 2012, Nigerian insurer, Staco Insurance, posted 6.7 billion NGN (43 million USD) of gross premiums. The company expects a turnover of 8.5 billion NGN (54.5 million USD) in 2013. This objective is likely to be achieved despite the introduction of a new law prohibiting an insurer from issuing an insurance policy in case the premium is not been paid on the same day it is underwritten. This law that does not make insurers’ estimates any easier. Staco Insurance leaders, nevertheless, remain confident. Huge governmental projects are underway, thus strengthening demand for insurance. Governmental support to energy sector is also likely to stimulate growth.