ACCEPTANCE SPEECH BY THE INCOMING CHAIRMAN OF THE NIGERIAN INSURERS ASOCIATION (NIA), MR. G.U.S. WIGGLE ON THURSDAY, JUNE 26, 2014 AT BEST WESTERN HOTEL, OPPOSITE BAR BEACH, VICTORIA ISLAND, LAGOS

Wiggle

ACCEPTANCE SPEECH BY THE INCOMING CHAIRMAN OF THE NIGERIAN INSURERS ASOCIATION (NIA), MR. G.U.S. WIGGLE ON THURSDAY, JUNE 26, 2014 AT BEST WESTERN HOTEL, OPPOSITE BAR BEACH, VICTORIA ISLAND, LAGOS

Protocols,

On behalf of the Governing council and the entire membership of the Nigerian Insurers Association, I thank you all for finding time to be part of the events of today. My appreciation also goes to my colleagues in the Council and the general assembly of Nigerian Insurers and Reinsurers for the confidence reposed in me as expressed in my election as the 21st Chairman of the Nigerian Insurers Association. I am eternally grateful to you all.

My election is a call to duty and it has no doubt given me the opportunity to build on the achievements of my predecessors in office. I am aware of the fact that the assignment is daunting and I therefore call on all my colleagues to join me to reflect on the past, critically assess the present and look forward to the future with greater hope and enthusiasm.

I pledge therefore that during my tenure as Chairman of the Association I will do all within my powers to sustain the incredible achievements of my predecessors and strengthen our Association for the future generation of Insurers.

During my tenure, I intend to lead the team focusing primarily on the following areas among others:

To sustain and improve on the good relationship that already exists with our regulator, NAICOM. 

We will also reach out to other regulators in the financial services sector whose oversight functions impact on our business.

We will strengthen the cordial relationship that exists with other arms of the industry such as NCRIB, ILAN, ARIAN, CIIN etc.

We will enforce market discipline by encouraging peer review among member companies with a view to aligning the market practice with international best practices.

We will sustain the current effort at addressing those laws that are militating against the growth of the market. The Companies Income Tax Amendment Act (CITA) 2007 amongst others readily comes to mind.

We will increase the support for the Technical Committees of the Association with a view to realizing their potential which will be harnessed for the achievement of the overall goals of the Associations

Nigeria has the comparative advantage in the production of Oil and Gas. We will therefore fast track the process of re establishing the Oil & Gas Insurance Pool so that the industry can reap the full benefit of the Nigerian Local Content Development Act.

The Association is appreciative of the efforts of NAICOM in Promoting Microinsurance to deepen insurance penetration in Nigeria. Our administration will take up the challenge by encouraging member companies to institute corporate structures that will ensure the success of the initiative.

I want to restate that the NIA has remained true to its legacy as an institution that exists to champion the cause of the insurance industry and we will ensure that the founders sense of purpose will be upheld by us at all times.

I am particularly proud of all the past Chairmen of this Association whose far-sightedness and courage has ensured that we stand here today.

Ladies & Gentlemen, friends and colleagues, on behalf of the Governing Council, I wish to restate our commitment to the ideals of this Association.

I am truly honoured to join you in this remarkable, rewarding, exciting and uplifting journey.  I ask for your support, encouragement, advice and prayers.

I thank most profoundly, my colleagues in the Governing Council for their confidence and faith in me, the Nigerian Insurers Association and the insurance industry in Nigeria.

Together we will take the NIA, nay, the insurance industry in Nigeria to greater heights.

Thank you and God bless

 

G. U. S. Wiggle

Chairman, NIA