Chuks Udo Okonta
The Federal Government has said insurance industry has to
play veritable role in the nation’s quest to be among the 20 largest in the
world by the year 2020.
President Goodluck Jonathan, who disclosed this in Abuja,
said the federal government recognizes the vital role of insurance in the
economic development and would continue to support the industry towards achieving
set objectives.
He said in line with his administration’s support for the
industry, it has embarked on policies designed towards achieving growth and
development for the sector.
He said: “This administration is aware that insurance is
an essential ingredient of economic growth and development of any country.
Without insurance, companies and individuals would not be able to manage risk;
the world would be a far less innovative place and many of the activities
people and government take for granted could be prohibitively risky. So we
value insurance, moreso the Nigeria insurance industry has been making useful
contributions to our economic life.
“Indeed, one of the major lessons of the economic turmoil
in the recent past is the need for transparent, efficient and neutral
government regulation of the financial services sector. We believe that this is
the right platform upon which accessible, robust and dynamic markets for
financial products are built. This administration clearly understands and
recognizes this fact and has actually embarked on policies designed towards
achieving growth and development in the insurance industry in the country.
“This is evident under the Group Life Insurance Policy where
the federal government has provided the lead by ensuring that its entire
employees are fully insured. In the same light, Government has also ensured
adequate insurance of its assets and property.
“In line with our transformation agenda, a key driver of
the current reforms in the insurance sub-sector of the Nigerian economy is the
desire to grow and develop the micro-insurance and Takaful markets. It is the
hope of this administration that the drive will engender the desired growth and
market penetration.”
He said the on-going reforms in the insurance sector are
aimed at creating a world-class regime for insurers and provide significantly
enhanced protection for Nigerian policyholders.
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