FG promises reform to make insurance market vibrant
The Minister of Finance, Mrs. Kemi Adeosun on Monday expressed the determination of the current administration to lead in the reforms of a more vibrant Nigeria insurance market.
The Minister in her opening remarks at the National Insurance Conference in Abuja explained that a developed and active insurance market would bring about increase in GDP, accumulation of long-term funds for infrastructural financing, job creation, and an improved standard of living. She added that the development would also attract foreign investment into the country.
Speaking on the ongoing efforts of industry stakeholders to reposition the insurance industry for growth, the Minister said the Federal Government was ready to lend its support, saying “There is a need to immediately address the decline in the Nigerian Insurance Industry as it is lagging behind global and African peers. Despite being the largest economy in Africa, the Nigerian insurance industry remains largely underdeveloped. The industry has under-performed the Banking sector and even the recently established Pensions sector.”
Emphasising the resolve of the Federal Government to stimulate extra-ordinary growth and unleash the potential of the insurance industry in Nigeria, the Minister listed some factors necessary for the change.
These, among others include the needs to “Recognising our true stage of development- we are an industry that despite its age remains in its infancy. This means that Government must act as a nurturer and incubator of the industry. We have also seen the success of the pension fund industry as a text book example of where government policy set clear parameters for participation, led by example and enforced legal obligations. If we are to use the Pension fund success story as a template for the Insurance Industry, then we can jointly identify the required road map”.
She also stressed the need to strengthen the capital base of insurance companies. She recalled that in 1981, the minimum capital requirement for banks was N1 million while that of composite insurance companies was N0.8 million. By 2014 banks had grown theirs to N25 billion and Composite Insurance Companies to N5 billion showing that banks had grown capital requirements eight times faster. “The industry needs to recapitalise. Capital levels were last raised in 2007. To take true advantage of the opportunity for the industry we must recapitalise and reposition. The top 3 banks have capital in excess of N300 billion each! The top 3 insurers have capital of between N14 billion to N25 billion.
“The insurance sector needs to raise minimum capital requirements in a manner that is comparative to what happened to the banking sector in the last two to three decades. Increased capital will provide funding for publicity and product development. It will raise the clout of insurance companies in policy formulation and will enhance our capacity to hire the best people and deploy the technology and marketing, product awareness and investment needed to support the industry.”
According to her, the current administration firmly believes that the economy has only one direction to move in and that is upwards as true change means doing things differently with the full expectation of different outcomes. “Our confidence in the future of our economy is not based on the statistics that have consistently detailed its potential but rather the deliberate policies and actions that will ensure a robust and sustainable recovery.
“Our economic focus is built on pursuing a disciplined approach to our financial management, reducing the cost of governance and increasing its impact. This is being attained by efforts to maximise revenues and minimise leakages through corruption, waste and inefficiency. This will release the headroom needed to fund our essential infrastructure, which will in turn lead to the increased growth of the non-oil sector and a more diversified revenue base. Our days of reliance on oil as a principal source of revenue must be put firmly in our nation’s economic history. That process of adjustment is painful but like “’ good medicine” is the only effective cure.”
She said a key element of the enabling environment is the de-risking provided by the insurance industry. Quoting NIA sources, the Minister said that Nigeria with a penetration of 0.3 per cent recorded total industry Gross Written Premium (GPW) of N350 billion in 2015.
“If we collectively set a 7-year target of achieving Africa’s average penetration of 3.5%, we can transform our industry into one with GWP of N4.5 trillion by 2023. To achieve this, the industry will have to grow at a Compound Annual Growth Rate (CAGR) of 44% from 2017 to 2023. This is in no way an impossible target and in fact represents the type of ambitious objectives we need to set for ourselves as several sectors in Nigeria including Telecoms, Banking and Pensions Management have been able to record such impressive growth through the collective support of all stakeholders. It is also consistent with the Change mandate of His Excellency President Muhammadu Buhari. We have no reason to be different.”
She reiterated the need to act urgently, as the development of the Nigerian insurance industry will come with other attendant benefits that are critical to achieve the type of growth and change for the economy and for the large number of Nigerians who have been deprived of the financial stability, protection and business growth that developed insurance markets have provided for their citizens for centuries. All successful economies are characterized by a strong investment culture of which insurance plays a key role.
Thanks for your handy post. Over time, I have been able to understand that the symptoms of mesothelioma are caused by this build up connected fluid between your lining in the lung and the breasts cavity. The condition may start inside the chest region and distribute to other parts of the body. Other symptoms of pleural mesothelioma cancer include fat reduction, severe respiration trouble, vomiting, difficulty eating, and inflammation of the neck and face areas. It really should be noted that some people having the disease usually do not experience any kind of serious indications at all.
coupon codes avis rental car http://www.nevadanewsreporter.com/story/97494/some-ways-to-get-free-printable-coupons-and-deals-from-online.html
Irrrm a sucker for my very own betterscooter.com http://adf.ly/6249830/banner/www.scamadviser.com/check-website/betterscooter.com. they’ve been hence very soft and chic. i love to bring in them the time period. simply negative thing is which you got to monitor were you procedure to take care of them. many people stain genuine uncomplicated. having said that i nevertheless take pleasure in them greatly. they go having practicaly a single thing. 🙂
uso o facebook pelo celular mas quando atualizo o status fica que foi enviado por um celular, tem como tirar isso?
I simply want to say I am new to weblog and truly enjoyed your blog. Most likely I’m want to bookmark your website . You actually come with outstanding articles. Many thanks for revealing your blog.
Olá Ricardo, estamos indo em um grupo grande, incluindo jovens e crianças, para passar o ano novo em Miami e gostaria de pedir se você tem alguma sugestão de um lugar legal para que possamos passar a virada de ano. Agradeço muito sua atenção. Silvana
I just want to tell you that I am just new to blogging and absolutely liked this blog site. Most likely I’m want to bookmark your website . You definitely come with fantastic articles. Thank you for sharing your blog.
I simply want to tell you that I’m new to blogs and definitely loved this web blog. Very likely I’m likely to bookmark your website . You really have good writings. With thanks for sharing with us your webpage.
I simply want to say I’m beginner to weblog and really loved your web-site. Almost certainly I’m going to bookmark your blog post . You really have wonderful writings. Kudos for sharing your website.
I simply want to say I’m all new to blogging and honestly liked this web blog. Most likely I’m going to bookmark your site . You actually come with great writings. Thanks for sharing your webpage.
I simply want to say I am newbie to blogs and actually enjoyed your web site. Most likely I’m want to bookmark your blog . You amazingly come with excellent article content. Bless you for sharing with us your web page.
I simply want to tell you that I am just all new to blogs and actually liked you’re web page. Very likely I’m likely to bookmark your website . You absolutely have good articles. Thank you for sharing your blog site.
I simply want to tell you that I am just newbie to blogging and site-building and truly liked this website. Almost certainly I’m likely to bookmark your website . You really have excellent stories. Thank you for revealing your webpage.
I simply want to tell you that I am newbie to blogging and site-building and absolutely enjoyed you’re web blog. Probably I’m likely to bookmark your blog . You absolutely have awesome writings. Thanks a lot for revealing your blog.
Quick Shipping, item perfect, great steal, LOVE IT! A+++++++++ Seller
I just want to say I’m newbie to blogging and definitely savored your blog. More than likely I’m likely to bookmark your site . You certainly have tremendous posts. Thank you for sharing with us your webpage.
I just want to mention I am new to weblog and absolutely savored this web-site. Likely I’m going to bookmark your blog post . You actually have remarkable articles and reviews. Appreciate it for revealing your webpage.
Rowing from France to England was bad enough. Well done to you all. Matthew well done for raising money for Kerry Greenfield from Widnes.
Re?u rapidement que prvu. Achtera du vendeur encore ! extrmement satisfait
Hiya, I’m really glad I have found this info. Nowadays bloggers publish just about gossips and net and this is really frustrating. A good web site with exciting content, that is what I need. Thanks for keeping this site, I will be visiting it. Do you do newsletters? Can’t find it.
Thanks for this post, I am a big fan of this web site would like to proceed updated.
I’ll immediately grasp your rss feed as I can not in finding your e-mail subscription link or newsletter service. Do you’ve any? Kindly permit me recognize so that I may just subscribe. Thanks.
Well I truly liked studying it. This tip offered by you is very practical for good planning.
Hey There. I discovered your blog the use of msn. This is a really smartly written article. I will be sure to bookmark it and return to learn extra of your useful info. Thank you for the post. I’ll definitely return.|
Wow in actual fact a great post. I like this.I just passed this onto a colleague who was doing a little research on that. And he actually bought me lunch because I found it for him. Overall, Lots of great information and inspiration, both of which we all need!
I was very encouraged to find this site. I wanted to thank you for this special read. I definitely savored every little bit of it and I have you bookmarked to check out new stuff you post. http://www.homedecorated.net
Usually I do not post on blogs, but I would like to say that this article really forced me to do so! Thanks, really nice article.
Today, I went to the beachfront with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is completely off topic but I had to tell someone!|
Support For Quickbooks, ^^1^844^722^^6675, Quickbooks phone number, ^^1^844^722^^6675,Quickbooks phone support, ^^1^844^722^^6675,Quickbooks TOLLFREE number, ^^1^844^722^^6675, ### $$^^1^844^722^^6675,Quickbooks technical support phone number, ^^1^844^722^^6675,Quickbooks support phone number, ^^1^844^722^^6675,Quickbooks enterprise support phone number, ^^1^844^722^^6675,Quickbooks enterprise technical support, ^^1^844^722^^6675,Quickbooks payroll support number, ^^1^844^722^^6675,Quickbooks payroll support, ^^1^844^722^^6675,Quickbooks premier support, ^^1^844^722^^6675,Quickbooks premier support phone number, ^^1^844^722^^6675,Quickbooks POS support, ^^1^844^722^^6675,Intuit technical support phone number, ((1((844))722((6675))), Intuit support phone number, ((1((844))722((6675))),Intuit POS support number, ((1((844))722((6675))),Intuit point of sale support, ((1((844))722((6675))),Intuit phone help, ((1((844))722((6675))),Intuit help desk, ((1((844))722((6675))),Quickbooks help desk, 1844.722.6675Quickbooks payroll support number, ^^1^844^722^^6675,Quickbooks payroll support, ^^1^844^722^^6675,Quickbooks premier support, ^^1^844^722^^6675,Quickbooks premier support phone number, ^^1^844^722^^6675,Quickbooks POS support, ^^1^844^722^^6675,Intuit technical support phone number, ((1((844))722((6675))), Intuit support phone number, ((1((844))722((6675))),Intuit POS support number, ((1((844))722((6675))),Intuit point of sale support, ((1((844))722((6675))),Intuit phone help, ((1((844))722((6675))),Intuit help desk, ((1((844))722((6675))),Quickbooks help desk, 1844.722.6675
This is getting a bit more subjective, but I much prefer the Zune Marketplace. The interface is colorful, has more flair, and some cool features like ‘Mixview’ that let you quickly see related albums, songs, or other users related to what you’re listening to. Clicking on one of those will center on that item, and another set of “neighbors” will come into view, allowing you to navigate around exploring by similar artists, songs, or users. Speaking of users, the Zune “Social” is also great fun, letting you find others with shared tastes and becoming friends with them. You then can listen to a playlist created based on an amalgamation of what all your friends are listening to, which is also enjoyable. Those concerned with privacy will be relieved to know you can prevent the public from seeing your personal listening habits if you so choose.
Between me and my husband we’ve owned more MP3 players over the years than I can count, including Sansas, iRivers, iPods (classic & touch), the Ibiza Rhapsody, etc. But, the last few years I’ve settled down to one line of players. Why? Because I was happy to discover how well-designed and fun to use the underappreciated (and widely mocked) Zunes are.
Aloha, I found your blog on Bing Weblogs and think it is pretty intriguing and delivers fantastic material. Thank you regarding this superb post, I will certainly promote this on Twitter. Have a pleasant day on interior design ideas for home and office
Hiya! You some kind of professional website hosting? Great message. Are you able to tell me learn how to subscribe your blog?
I just got up from sleep and I am already reading your post. It means something! Really useful post on homedecorated.net Thanks!
Quickbooks Phone Number)))) 1-844-722-6675 ((((Quickbooks Tech Support phone number @@Call, 1-844-722-6675 for all type help by Quickbooks tech support phone number, 1-844-722-6675 Intuit Quickbooks Tech Support Phone Number, 1-844-722-6675 Quickbooks Help Desk Phone Number, 1-844-722-6675 Quickbooks tech support number, Quickbooks technical support phone number,@@ 1-844-722-6675 @ Quickbooks phone number, 1-844-722-6675 Quickbooks technical support number, 1-844-722-6675 Quickbooks support phone number, 1-844-722-6675 Quickbooks technical support, Quickbooks Customer Service Phone Number, Quickbooks Customer Service Number, Quickbooks Customer Support Phone Number, Quickbooks Customer Support Number,@@@@ Quickbooks Customer Service Helpline Number, Quickbooks Customer Care Number, Quickbooks support team phone number, @@@@@ Quickbooks help number-Quickbooks Helpline Number; Quickbooks help phone number-Quickbooks Helpline Number, Quickbooks Tech Support Toll free Number, Quickbooks Support Telephone Number, Quickbooks Tech Support Telephone number, Quickbooks Tech Support contact number, Quickbooks support contact number, Quickbooks technical support contact number. Call, Quickbooks tech support phone number, Intuit Quickbooks Tech Support Phone Number, Quickbooks Help Desk Phone Number, Quickbooks tech support number, Quickbooks technical support phone number, Quickbooks phone number, Quickbooks technical support number, Quickbooks support phone number. It is very popular toll free number which provide by Quickbooks technical support, Quickbooks Customer Service Phone Number, Quickbooks Customer Service Number, Quickbooks Customer Support Phone Number, Quickbooks Customer Support Number, Quickbooks Customer Service Helpline Number, Quickbooks Customer Care Number, Quickbooks support team phone number. Call, Quickbooks tech support phone number, Intuit Quickbooks Tech Support Phone Number, Quickbooks Help Desk Phone Number, Quickbooks tech support number, Quickbooks technical support phone number, Quickbooks phone number, Quickbooks technical support number, Quickbooks support phone number, Quickbooks technical support, Quickbooks Customer Service Phone Number, Quickbooks Customer Service Number, Quickbooks Customer Support Phone Number, Quickbooks Customer Support Number, Quickbooks Customer Service Helpline Number, Quickbooks Customer Care Number, Quickbooks support team phone number, Quickbooks help number-Quickbooks Helpline Number; Quickbooks help phone number, Quickbooks Helpline Number, Quickbooks Tech Support Toll free Number, Quickbooks Support Telephone Number, Quickbooks Tech Support Telephone number, Quickbooks Tech Support contact number, Quickbooks support contact number, Quickbooks technical support contact number, Quickbooks pro support phone number, Quickbooks payroll support phone number. Quickbooks payroll customer support phone number Quickbooks Support Helpline Number, Quickbooks contact number Quickbooks tech support phone number Quickbooks support team phone number Quickbooks contact number 1-844-722-6675 Quickbooks technical help telephone number, Quickbooks technical help contact number, Quickbooks technical support contact number, Quickbooks contact number, Quickbooks contact phone number, Quickbooks contact telephone number, Quickbooks 24 hour contact number, Quickbooks customer support contact number, Quickbooks customer service contact number, Quickbooks official number, Quickbooks official contact number, Quickbooks 800 contact number, Quickbooks toll free number, 800 number for Quickbooks support, Quickbooks 24/7 support phone number Quickbooks PRO support phone number,Quickbooks PRO support phone number,Quickbooks PRO help phone number, Quickbooks PRO technical support number.Quickbooks PRO support number, Quickbooks PRO phone number, Quickbooks PRO tech support number, Quickbooks PRO customer support number, Quickbooks PRO customer support phone number, Quickbooks PRO customer service phone number, Quickbooks PRO payroll customer service phone number, Quickbooks PRO support phone number. Help@Call 1-844-722-6675/.Quickbooks 24/7 support phone number,Quickbooks telephone number for support? call 1-844-722-6675@./Quickbooks contact number, Quickbooks contact phone number, Quickbooks contact telephone numbertelephone number for Quickbooks online support,Quickbooks official support number,Quickbooks official number,Quickbooks payroll official phone number,phone number for Quickbooks payroll supportQuickbooks 24/7 support phone numberQuickbooks support number,Quickbooks telephone number for support ……………… Quickbooks PRO phone number,(1-844-722-6675)// Quickbooks PRO customer care number….. Quickbooks PRO Toll Free, Intuit@(1-844-722-6675)@-: Quickbooks PRO Technical Support Number, Quickbooks PRO help desk phone number provides online solution for all USA/CANADA clients. For any help of query call 1 800 860 9230 to get all Quickbooks PRO account solution. For any help of query call 1 800 860 9230 to get all Quickbooks PRO account solution. @@Call, 1-844-722-6675 for all type help by Quickbooks PRO support telephone number,Quickbooks PRO support phone number,Quickbooks PRO support phone number,Quickbooks PRO help phone number, Quickbooks PRO technical support number.Quickbooks PRO support number, Quickbooks PRO phone number, Quickbooks PRO tech support number, Quickbooks PRO customer support number, Quickbooks PRO customer support phone number, Quickbooks PRO customer service phone number, Quickbooks PRO payroll customer service phone number, Quickbooks PRO support phone number Quickbooks PRO help number-Quickbooks PRO Helpline Number; Quickbooks PRO help phone number-Quickbooks PRO Helpline Number, Quickbooks PRO Tech Support Toll free Number, Quickbooks PRO Support Telephone Number, Quickbooks PRO Tech Support Telephone number, Quickbooks PRO Tech Support contact number, Quickbooks PRO support contact number, Quickbooks PRO technical support contact number, Quickbooks PRO help desk phone number. Call, @(1-844-722-6675)@-: It is very popular toll free number which provide by Quickbooks PRO technical support, Quickbooks PRO Customer Service Phone Number, Quickbooks PRO Customer Service Number, Quickbooks PRO Customer Support Phone Number, Quickbooks PRO Customer Support Number, Quickbooks PRO Customer Service Helpline Number, Quickbooks PRO Customer Care Number, Quickbooks PRO support team phone number. Call,@(1-844-722-6675)@-: Quickbooks PRO help number-Quickbooks PRO Helpline Number; Quickbooks PRO help phone number, Quickbooks PRO Helpline Number, Quickbooks PRO Tech Support Toll free Number, Quickbooks PRO Support Telephone Number, Quickbooks PRO Tech Support Telephone number, Quickbooks PRO Tech Support contact number, Quickbooks PRO support contact number, Quickbooks PRO technical support contact number, Quickbooks PRO pro support phone number, Quickbooks PRO payroll support phone number. Quickbooks PRO payroll customer support phone number for all type help by Quickbooks PRO support telephone number, Quickbooks PRO help phone number, Quickbooks PRO technical support number.Quickbooks PRO support number, Quickbooks PRO phone number, Quickbooks PRO tech support number, Quickbooks PRO customer support number, Quickbooks PRO customer support phone number, Quickbooks PRO customer service phone number, Quickbooks PRO payroll customer service phone number
Interesting, I wonder what the statistics are on your first point there on homedecorated
I’m really enjoying the design and layout of your site. It’s a very easy on the eyes which makes it much more enjoyable for me to come here and visit more often. Did you hire out a designer to create your theme? Outstanding work!|
Finally someone that knows what they’re talking about.
download film terbaru sub indo has diamond like clarity and also in order for this to be striking you must use both that and.