Insurance stakeholders to converge on insurance penetration

By ABDUL-KHALIQ OLALEKAN

Insurance stakeholders are expected to converge to discuss possible ways to increase insurance adoption and acceptance in the country.

The meeting which will hold under the flagship of the 2016 Insurance Industry Consultative Council (IICC) in Abuja between 10th and 13th of July, 2015, would be a gathering of insurance operators, law enforcement agencies, insurance regulators, as well as the Federal Government to be represented by President Muhammadu Buhari.

Speaking on this development in Lagos, the Chairman, Planning Committee of the 2016 National Insurance Conference, Mrs. Yetunde Ilori, said the idea behind the hosting of a unified conference by the insurance industry was the conception of the IICC as a way of projecting the Nigerian insurance industry as a united sub-sector, that would attract better respect and recognition by members of the public and relevant stakeholders.

Ilori, who is also the Managing Director, AXA Mansard Insurance Plc, said theme of the conference is ‘Expanding National Resources and Infrastructure in Challenging Times,’ noting that the theme of the conference could not have been more timely and apt than now, when the policy direction of the present administration is towards re-building a virile national economy through diversification and expansion of national and infrastructural resources.

It has remained an irony that in spite of the nation’s past economic buoyancy, little premium was placed deliberately on building, maintaining and expanding national resources that would stand the test of time, she stated.

According to her, it is quite commendable that the present administration has made economic diversification and infrastructural development its major policy thrust by committing so much money to critical sectors, such as works, roads and power, she noted that the insurance industry would like to complement the focus of the present administration in this direction through this national conference.

“It is a known fact that there is no genuine effort by government aimed at revamping the national economy that would be sustainable without consideration paid to the pivotal place of insurance. It is regrettable that before now, most efforts to reposition our national economy had often left the insurance sector out of reckoning, and this is ill-advised. The insurance industry remains a critical player in the financial services sector and should be accorded its pride of place in all government programmes and policies,” Ilori pointed out.

The critical issues of compulsory insurance, according to her, would most certainly take its rightful place in the conference as Alhaji Bala Zakarya’u would moderate a panel of discussion, made up of the Inspector General of Police; The Comptroller General of Federal Fire Service; representatives of the built environment and the insurance industry.

She stated that this year’s conference, which is in its second edition, is expected to attract top government dignitaries, among them, President Mohammadu Buhari, who is expected to declare the event open and Vice President, Professor Yemi Osinbajo, who would be the Special Guest at the Grand Ball. The Hon. Minister of Finance, Mrs. Kemi Adeosun, she said, is expected as the Guest of honour while Alhaji Mohammed Kari, the commissioner for insurance is the chief host.