Chuks Udo Okonta
The Commissioner for Insurance Fola Daniel, has enjoined insurance operators to enhance their financial and technical capacities to enable them underwrite large risks.
Daniel disclosed this at the on going Insurance Industry Consultative Council (IICC) mega conference in Abuja.
According to the NAICOM boss the industry has the potentials to be a major contributor to national development through freeing government dwindling resources usually deployed to mitigate losses to citizens arising from natural calamities.
He said the financial and technical capacity will enable the industry to take large specialist risks such as food, drought ,aviation, terrorism and other similar risks, adding that a veritable sources of employment of its growing youths.
He assured that the insurance is one of the most cost effective mechanism for absorbing shocks and thus key to accelerating and economic development.
Daniel said the forum realizable strategies and action plan would be articulated to strengthen on-going government efforts at increasing insurance industry’s contribution to the country’s GDP.
He said platform so created by IICC be sustained and indeed improved upon whereby industry players and public sector managers would regularly come to share ideas and partner on improving policy formulation and execution.
The Chairman of IICC and President of Chartered Insurance Institute of Nigeria (CIIN), Bola Temowo, said that the theme of the Conference, “DEVELOPING INSURANCE BUSINESS FOR NATIONAL GROWTH” cannot be more apt.
According to him the theme provides the cues for rededicating all stakeholders to achieving our collective drive towards more effective performance and improved contribution to the growth of the Nigerian Gross Domestic Product, which is receiving the coordinated attention of the Industry.
He added that the emergence of new ideas to improve the relevance of the industry in all facets of the Nation’s economy and discussion of topical issues which the Conference papers will throw up.
He said the Industry is poised more than before, to play its role in the provision of risk management expertise, especially in the increased volatility of our environs. The continuous education of our members will continue to receive priority attention in order to equip them adequately for the more challenging roles of insuring the Nation and its citizenry.
He added that all strata of our Nation’s economy are in dire need of righting the wrongs of many years and generations, our own industry has its fair share of unwholesome practices which remained the bane of our image for many years.
He however assured that with our collective resolve and the robust regulation from the Regulatory Authority, we are gradually overcoming most of the ills of the sector.
The conference featured over 3000 delegates across the insurance industry in Nigeria, Africa and abroad.
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