With the current economic downturn negatively affecting all sectors of the nation’s economy, some experts are set to proffers solutions on how insurance companies across the country and African continent can survive the trying times.
If the current trend remains, insurance industry may suffer significant drop in premium income this year owing to the slowdown in economic activities occasioned by the slide in crude oil prices and Naira depreciation.
The growth of economic activities in the country, as measured by the growth rate of the Gross Domestic Product (GDP) slowed down to 2.35 per cent in the second quarter from 3.96 per cent in the first quarter and insurance sector is one of the key sectors affected, with most people and organisations unwilling to renew their insurance covers, leading a drop in premium generation.
To this end, the experts, who will converge at the 38th Annual General Meeting (AGM) and Education Conference of the West African Insurance Companies Association (WAICA) between April 24 and 26, 2016, in Lagos, will discuss ‘The Practice of Insurance in a Challenged Economy.’
According to the Chairman of the Local Organizing Committee of the conference, Mr. Sory Diomande, the Honourable Minister of Finance, Mrs. Kemi Adeosun is expected to declare the conference open next Monday.
Diomande, who is also the Regional Director, Africa-Re, said: “the fact that Nigeria is hosting the 38th WAICA AGM and Education Conference is yet another opportunity for Nigerians to showcase her hospitality. It gives us a unique opportunity to showcase Nigeria’s rich cultural heritage.”
It is a vote of confidence on the Nigeria insurance market and it creates an opportunity for networking and exchange of business information, he added.
“I believe the Nigerian market stands to benefit from this event. I also know that the delegates from other countries will have fond memories of their stay in Nigeria” he enthused.
He urged all the players in the Nigerian market, underwriters, brokers, Loss Adjusters and surveyors to see this event as an industry event and a unique opportunity to make a lasting impression about the Nigerian market.
While the first paper on ‘Insurance as a Growth option in a Challenged Economy’ is expected to be delivered by Past Chairman of the Nigerian Insurers Association, NIA and Group Managing Director, Custodian And Allied Insurance Plc, Mr. Wole Oshin, his paper will be discussed by the Managing Director, Afro-Asian Insurance Services Limited, London, Mr. Udai Patel, and Deputy Managing Director, Zep-Re, PTA Reinsurance Co, Nairobi, Kenya, Ms. Hope Murera, and Chairman, Board of Directors, SIC Insurance Company Ltd, Accra, Ghana, Mr. Mike Hamah, will chair the session.
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