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| Soladoye |
Chuks Udo Okonta
Concerned about the state of insurance development, the Managing Director
Riskguard-Africa Nigeria Limited Yemi Soladoye, has identified numerous insuring
opportunities that have been left fallow and not tapped by insurance industry
operators.
According to him, the present state of insurance can be jump-started if the
operators would raise their sleeves and pursue the identified opportunities
amongst several in the society.
This is what he said about the under-utilised opportunities: The Workmen’s
Compensation Act 1987 – Sec 40 – we did not touch occupational diseases.
·
The National Health Insurance
Scheme Act 1999 – Sec. 45 – No complimentary coverage
·
The Abuja Commodity Exchange –
1999 – Agric and Micro Insurance
·
The Nigeria Agricultural,
Cooperative and Rural Development Bank (NACRDB) Recapitalization – 2000 – Agric
and Micro Insurance
·
The Bank of Industries (BOI)
Recapitalization of 2000 – Enterprise Properties
·
The privatization of NICON,
NIG RE – government Accounts
·
The CBN Universal Banking
Guidelines – 2001 – Bancassurance
·
The Small and Medium
Enterprises Equity Investment Scheme Guidelines–2002–SME Insurance
·
The NCRIB Act 2003 –Market Penetration
through Partner Broker
·
The Insurance Act – 2003
–Sections 64, 65, 67, 68 – 85% of MTP and clause C Marine Imports are fake.
- The SMEDAN Initiative – 2004 – Enterprise Property, Credit
life and Key man Insurance.
·
The Pension Reform Act 2004,
2014 - Group Life, Annuity and Gratuity.
·
The Banking Consolidation
Guidelines 2004 – Collaboration and Competition
·
The Insurance Consolidation
Guidelines-2005 – Local Market Development
·
The Mortgage – backed
Securities Initiative-2005 – Mortgage Insurance
·
The Micro Finance Bank
Guidelines – 2007 and the Intervention Funds– Micro Insurance
·
The Capital Market Crash –
2008 - Insurance as certainty in un-certainty
Soladoye noted that all these insuring
opportunities were under-utilized due to the absence of diverse distribution channels.
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