Nigerian insurance operators have charged delegates at the National Conference holding in Abuja to recommend that the government should show more commitment to the policy that can positively transform the insurance sector as an agent of national economic growth.
The insurance industry's position was contained in a memorandum to the national conference by the Nigerian Insurers Association in collaboration with the Chartered Insurance Institute of Nigeria, Nigerian Council of Registered Insurance Brokers and Institute of Loss Adjusters of Nigeria.
In spite of the opportunities and potentials that abound in the insurance industry, the insurance operators have always pointed out that there are also daunting challenges which continue to stifle growth in the sector.
While lamenting that these obstacles have been responsible for the abysmally poor contribution of the insurance industry to the nation's Gross Domestic Product, the insurers added that this has made insurance to be relegated to the back seat in the scheme of national discourse.
The insurers also regretted that the industry was not deemed worthy of representation at the conference.
To make the industry occupy its rightful position in the economy, insurers said it is imperative to dust up the laws governing insurance business operations, many of which have become obsolete and completely out of tune with the prevailing circumstances.
The insurance operators emphasised that this step has to be taken so that the industry will not continue to bear the brunt of inappropriate legislations.
Source Daily Independent
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