Insurers, stakeholders to unlock over N60bn micro-insurance business

Insurance practitioners and stakeholders are set to brainstorm on how to unlock the over N60 billion micro-insurance business which over the years has remained untapped.

The brainstorming event which is part of the Nigerian Insurance and Pension Award organised by Inspenonline Media, is scheduled for Wednesday, February 26, by 11:00am, at Muson Centre in Lagos.

A statement by the Editor Inspenonline, Chuks Udo Okonta, said the event will provide an avenue for insurers, shareholders, insurance consumers and the public to deliberate how the objectives of Micro-insurance as specified in the guidelines released by the National Insurance Commission (NAICOM) will be achieved and by extension impact the economy.

He noted that the Managing Director, Riskguard-Africa Nigeria Limited, Yemi Soladoye, will be delivering the theme paper entitled: ‘Unlocking Micro-insurance Business’, adding that shareholders’ activist and President Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, will be the chairman of the event.

Okonta noted that insurance companies, pension fund administrators and operators that distinguished themselves in 2013, will be presented awards for their contributions to the industries and the economy.  

He said the award was instituted to reward best practices and hard work, stressing that the recognition given to the firms, will also help deepen insurance and pension awareness which is presently below expectations.

“Insurance and pension contributions to economic growth are enormous, and it is time we begin to celebrate and reward individuals and organisations that have made these happened.

“Nigerian Insurance and pension award was designed to encourage best practices, doggedness, professionalism and resourcefulness. It is our belief that the award will engender health competition among operators, as we are poised to celebrate on yearly basis excellence performances by outstanding firms and individuals,” he said.

Okonta called on the public to embrace insurance as it remains the best measure to mitigate risks. He also urged the public to embrace the pension scheme which, he noted has come to forestall the ugly past where retirees die on queues in a bid to get their pensions.