Commissioner for Insurance Fola Daniel |
Chuks Udo Okonta
Public expectations on foreign
underwriters that recently bought stake in Nigerian insurance companies seem to
be gradually eroding as most of them have failed to change the game by introducing
innovations capable of taking the industry to the next level.
Investigations by Inspen revealed that
most of them are now being held down by the challenges that have stemmed local
operators. Hence, they are gradually forgoing their initial plans, to tread the
ways of the local operators.
It was expected that the foreign
operators would spice the industry with retail strategies and other innovations,
but they seem to be moving to wholesale which is also termed ‘Brokers’ Market’.
An operator, who anticipated radical
change with the influx of the foreign operators, said the initial threat that
the operator will change the game is gradually eroding as the foreign operators
seem not to have something new in their kitty.
Worried by the development, the
Managing Director Risk-Guard Africa Nigeria Limited, Yemi Soladoye, at a forum queried
Old Mutual on what new it has for the industry.
He called on the National Insurance
Commission (NAICOM) to set developmental agenda as key requirement for approval
of new entrants into the industry.
Firms like UBA Metropolitan Life, Old
Mutual, Sanlam Emerging Markets of South Africa and more, raised public
expectations when they berthed in the country, but their contributions according
to industry observers, are still insignificant and incapable of changing the
game in the industry.
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