Experts proffer ways to grow insurance sector
News & Trends •
by lucy nwachukwu4 representatives of leadway assuarance plc gni and veritas insurance all commended the management of rifan for taking the bold initiatives and pledged their commitment to support the association in every way possible1 ujoatuonu said this at the inauguration of the retail insured family association of nigeria rifan with a theme enhancing insurance confidence in nigeria the role of policy holders in abuja1 according to him nigerias insurance sector has great potential due to its huge population but is best be described as struggling with less than one million adults having a form of insurance1 he said beyond restoring insurance industry confidence there is need to further deepen insurance penetration in nigeria1 the insurance industry must rise up to exploit nigerias huge population to advantage for a meaningful result there should be coordinated approach in creating awareness in the grass root1 on a broader perspective synergies should be created between the regulator operators and aggregators also schools awareness campaign is another major way to catch them young1 mr lawrence dafiode managing partner carmel and associates risk and management consultant who chaired the event commended the players in the insurance sector while urging them to do more to drive the sector1 he said we can all testify to the facts that the insurance industry in nigeria has been performing below its potential and expectation1 while many at different times have identified the challenges facing the industry not much has been done to address them1 mr ben ujoatuonu managing director universal insurance plc on thursday said with increased public awareness and prompt settlement of claims by policy holders nigerias insurance sector would thrive1 mr akin bello national chairman rifan in his address expressed the associations continued desire to partner stakeholders in the sector to increase insurance awareness at the grassroots and enhance overall public confidence in insurance1 bello said rifan commends the efforts of the insurance industry at various levels to improve the image of the insurance sector in nigeria1 we wish to identify with the national insurance commission naicom for being proactive in seeking partnership with the various states through the new state insurance producers sip model1 rifan hereby pledges her commitment to continue to support naicom in this direction he said1 according to him rifan is registered under the laws of nigeria as a free association of insurance policyholders in nigeria with a mission to create awareness increase public confidence and ensure prompt claims payment1 he said the association was working at having members in all the 36 states of the federation and would leverage a robust information technology platform to guarantee protection of members interest1 mr rotimi ayeola a representative of naic urged the association to also reach out to farmers in the country while carrying out its mandate of public awareness of insurance1 he also expressed naics desire to support rifan in taking care of the policy holders adding that naic would play the role expected of it to drive insurance penetration1 it is for this purpose that i am happy to be part of this occasion as we inaugurate an organisation that aim at improving the performance of the industry by focusing on its retail end1