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| Olowude |
Chuks
Udo Okonta
The
Chairman Nigerian Insurers Association (NIA), Remi Olowude, has once again called
on the federal government to consider the provision of financial bailout for
insurance firms that that were affected in the 2008 meltdown.
He
spoke an interactive session between Governing
Board, Members of NAICOM and Insurance Industry Operators in Lagos, said many institutions and enterprises all over the world
benefited from bailout plans by their Government after the economic crises and
financial meltdown of 2008.
He noted
that in Nigeria, the banking industry, aviation and manufacturing industries
benefited from the bailout by the Federal Government, adding that many
insurance companies are still groaning from the losses suffered as a result of
the crash in the stock market.
He said
recovery has been difficult and returning to profit a herculean task for
insurance operators, therefore the need to appeal to the Federal Government to look
towards the direction of insurers in this regard.
He noted
that to promote micro-insurance and takaful, there is need to enact laws that
will guarantee government subsidy because the insurances are for the benefit of
the poor who cannot afford conventional insurances, adding that without
Government subsidy, agricultural insurance would be unable to play its role in
the development of farming.
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