FG takes transformation campaign to insurance

Okonjo-Iweala

Chuks Udo Okonta

Worried by the low level of insurance industry’s contributions to the economy, the Federal Government seems set to kick-start a transformation programme aimed at boosting the sector’s capacity.

To this end, the National Insurance Commission (NAICOM) in collaboration with the Federal Ministry of Finance, will on Monday, December 8, at Transcorp Hilton Abuja, hold an Insurance summit that will attract relevant stakeholders who will gather to chart a new course for the industry.

Inspen gathered that the event will be chaired by the Minister of Finance, Dr Ngozi Okonjo-Iweala, who is said to be driving the transformation process.

It is believed in some quarters, that the summit may help re-active the Market Development and Restructuring Initiative (MDRI) programme which was designed to prop the industry, but seemed to have performed below expectations due to non-enforcement of it key drivers.

Industry watchers who spoke with this media, said though the summit is necessary, how to enforce the resolutions should be made a priority.

They noted that the MDRI if fully implemented can take the industry to lofty heights and called on the government to assist NAICOM and the operators in giving life to the initiative instead of engaging new consultants to begin another rounds of transformation.