Insurers to leverage on opportunities in economic diversification

Insurance professionals across the country are planning to harness insurance opportunities in the economic diversification of the country from oil to other lucrative sectors.

The diversification plan, according to operators, will create new business window for underwriting firms to explore and make more profit, adding that this would form the basis of discussion at the Insurance Professionals Forum billed to hold in Abeokuta, Ogun State, from Wednesday, August 31 to Saturday, September 3, 2016.

Director-General, Chartered Insurance Institute of Nigeria (CIIN), Mr. Olutayo Richard Borokini, said  the decades of half-hearted commitment to diversification of the economy has relegated other economic sectors to the background, stating that Government has now realised that the needed economic growth in Nigeria depends on diversification of other sectors which will bring with it huge investment. The successful diversification of the Nigerian economy will bring new business opportunities in agriculture, mining and export promotion, he said.

According to him, “The simultaneous development of the various sectors of the economy will energize economic activities; promote investment and impact on the demand for other ancillary support services such as insurance. The Insurance professionals must imperatively vision the government’s economic diversification activities and position the industry appropriately.”

He noted that the 2016 Insurance Professionals Forum has been packaged to unveil the new opportunities for the Insurance Industry, adding that Guest Speakers will discuss the non-oil sector and the opportunities for the industry and take delegates through the required new business models for corporate profitability.

The Commissioner for Insurance Alhaji Mohammed Kari, is expected to present a keynote address while experts from the industry and other sectors will do justice to the theme of the forum.

The annual Professionals’ Forum organised by CIIN has remained the single most crucial gathering of professionally qualified insurance practitioners in Nigeria.