Chuks Udo Okonta
Insurers in the West African sub-region should develop the needed products
and services as well as build underwriting capacity that will accommodate big
risks, and halt the capital flight currently being experienced, particularly in
the oil and gas business, Commissioner for Insurance Fola Daniel, has said.
He disclosed this at a forum in Lagos, stressing that this will
help retain much capital in the region and enhance development of the industry.
He pointed out
that some of the challenges facing the regional insurance market include: low
level of financial literacy, lack of adequate awareness of insurance mechanism
and poor perception of the industry, regulation, supervision and enforcement,
market conduct, self-regulation and pricing among others.
He called on
insurers in the region to address the challenges and work towards Integration
and harmonization of their operations.
“It is therefore expected that the insurance
industry in the West African sub-region would leverage and key into this
opportunity by developing the needed products and services as well as build
underwriting capacity that will accommodate big risks, and halt the capital
flight currently being experienced, particularly in the oil and gas business.
This will no doubt support, protect and assist the attainment of the goals of West
African Monitory Zone (WAMZ).
“Therefore,
the need for integration and harmonisation of the insurance industry in the
WAICA member states is no longer an option but an imperative.”
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