New NIA chairman promises massive insurance awareness campaign

New Chairman of Nigerian Insurers Association (NIA), Mr. Eddie Efekoha, has promised to embark on massive insurance awareness campaign to aid insurance penetration and acceptance in the country.

Efekoha, who made the pledge at his investiture as the 22nd Chairman of the association in Lagos, noted that it was imperative to educate the people on insurance because despite the huge population of 160 million people in the country, insurance penetration is still below one per cent.

To this end, he said he would propose an Educational Endowment Fund to the governing council of NIA for approval, saying this is in line with his commitment to promote insurance education in Nigeria by encouraging research and hard work in tertiary institutions.

Since insurance as an instrument for financial intermediation is misunderstood by policy makers, he promised to enter into constructive engagement with relevant stakeholders which will include the need to share knowledge with judicial officers, magistrates and judges on the workings of insurance business and to fully equip them to be able to respond adequately to the rising cases of fraudulent claims in the market, among other adjudication issues.

We will engage with the legislators in the process of making laws that affect the economy at large and insurance industry in particular, he pledged.

Stating that the various bills before the National Assembly require concerted efforts to push through the industry position, he added that this can only be done through active engagement with the lawmakers that the industry can protect its business interests.

Speaking on tax matters, he said the lingering issue of the heavy tax burden imposed on the insurance industry by CITA 2007, is worrisome. He expressed the belief that there is the need for operators, through the association, to continually engage with the tax authorities with a view to amicably resolving all issues and avoiding areas of future conflict.

While promising that his tenure will explore collaborative efforts at enforcing market discipline amongst industry players, this, he said, will involve engagement with colleagues and partners in the industry to encourage market development and sustainable business practice in the industry.