Grassroots awareness based NGO takes off

　
Chuks Udo Okonta

　

Transparent Protection Limited (TPL), an insurance industry watch dog and grassroots awareness mobilise has been launched yesterday Tuesday in Abuja.

A statement by its Programme Manager Godson Ibekwe-Umelo, said the event brought together captains of the industry and other stakeholders, adding that the organisation is set to revolutionalise the industry through enhancement of transparency and grassroots awareness creation.

He said the event was chaired by a renowned activist and legal luminary and Chairman, National Human Rights Commission, Prof. Anselm Chidi Odinkalu and the keynote address presented by the Chairman House of Representative Committee on Public Petitions, Uzor Azubuike.

He noted that the former President Chartered Insurance Institute of Nigeria (CIIN), Dr. Wole Adetimihin also graced the event.

He said the participants expressed worries on why the sector’s contribution to the Gross Domestic Product (GDP) has remained abysmally low at less than one per cent in spite its huge potentials and noted that governments’ support for the ongoing enforcement of "No- Premium- No-Cover" provision of the Insurance Act 2003 is a step in the right direction.

Ibekwe-Umelo said the participants were also worried over the delay by the executive in passing the Insurance Bill into law is a major obstacle in realising the necessary reforms in the sector.

He said concerns were also raised on the Market Development Restructuring Initiative (MDRI) which is the sector’s approach to the Financial Sector Strategy (FSS2020) is yet to deliver on the industry expectations and the need for partnership with the civil society to enhance awareness which is still very low.

He said the participants recommended that the industry must refocus to strengthen and support necessary development reforms and to boost public confidence for insurance through prompt settlement of genuine claims.

"The Market Development and Restructuring Initiative (MDRI) of National Insurance Commission (NAICOM) is a laudable key driver for deepening insurance penetration in Nigeria hence it should be vigorously pursued.

"As a means of increasing and sustaining transparency in the insurance sector, Civil Society Organisations (CSOs) need to put in place credible frameworks for engagement with the insurance sector," he said.