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Business, Insurance

Insurance Contribution To GDP Worries Operators

Posted: Jul 2, 2015 at 12:29 am   /   by   /   comments (0)

Stories by Sola Alabadan


Worried by the contribution of the insurance industry to the nation’s Gross Domestic Product (GDP), the Nigerian insurance operators are striving to upscale the capacity of the industry for effective performance and improved contribution to the economy.

To this end, the maiden edition of the annual mega conference of the industry is to hold from July 26 to 28 in Abuja under the theme “Developing Insurance Business for National Growth”.

Addressing journalists in Lagos, the chairman of Insurance Industry Consultative Council (IICC), Bola Temowo, said “We are all cognisant of the fact that the insurance industry should be the catalyst for economic growth as obtainable in other climes.

“Regrettably, this has not been the case in the country, even though we are on the part to progress. Many reasons have been adduced for this impeded growth, among which is the seeming lack of cohesion amongst all the industry operators. We have realised that no tangible development can be achieved when all the operators row in different directions. The IICC is concerned and has been working to put paid to this and project the industry cohesively.”

While the emergence of new ideas to improve the relevance of the industry in all facets of the nation’s economy would be a focal point of the conference, he added that the gathering also represents a platform for all stakeholders to discuss topical issues affecting the insurance industry, the financial services sector and the national economy.

The Nigerian insurance industry being critical stakeholder in the achievement of financial inclusion for all within the economy, he stated, considers it necessary to bring together all arms of the industry to achieve the required insurance penetration for higher percentage of financial inclusion in the country.

He added that the focus of the conference will equally be on the vital steps the insurance industry must take in the development of the business of insurance with the objective of having a major impact in the growth of the nation’s economy.

The keynote address at the conference will be delivered by the Commissioner for Insurance, Fola Daniel while the theme paper will be presented by Frank O’Neill, Managing Director, Swiss Re, Middle East and Africa.

The IICC has members from all sectors of the industry namely, Chartered Insurance Institute of Nigeria (CIIN), Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB), and Institute of Loss Adjusters of Nigeria (ILAN).