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| CFI, Fola Daniel |
Chuks Udo Okonta
Stakeholders are
worried over the drop in insurance contributions to the nation’s Gross Domestic
Product (GDP) from 0.7 to 0.6 per cent, a development which they considered bad
for the industry’s image.
Some of them told
Inspen that the contribution which was revealed in the rebasing exercise has
negated the efforts made in recent times to reposition the industry, as it indicates
that more needs to be done to take the industry from the bottom of the ladder
in the financial services sector.
An expert said it
is worrisome to note that other sector have improved significantly while
insurance is going down, in spite the acclaimed reforms by the government and
regulators.
He noted that the
stock market capitalisation which dipped to N5 trillion in 2009 has jumped to
over N13 trillion and the banks have also taken their rightful positions in the
scheme of things.
Worried over the
development, the National Insurance Commission (NAICOM) has pledged to go back
to its drawing boards to work out measures that will change the ugly
development.
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