Insurance

Survival strategy for insurers amidst recession by Ojuma

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Ojumah

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Chuks Udo Okonta

The Managing Director FBNInsurance Limited Val Ojumah, has identified product innovation; refocus of distribution strategy and improved service delivery as survival strategies for insurance companies at this time the country is in a recession.

Ojumah, who said this at the just concluded 2016 Insurance Professionals’ Forum in Abeokuta, Ogun State, noted that due to the recession, existing insurance buyers will begin to seek discount, reduce or stop purchasing insurance.

He called on his colleagues to redouble their efforts in creating new ways to meet the public insurance needs, adding that the public due to the recession, have to priorities their needs inline with their income.

He said improved service delivery would help insurers retain existing and new insurance buyers.

The former Chairman of the Nigerian Insurers Association (NIA) Godwin Wiggle, has said insurers would not sack workers in spite the present economic impasse, adding that though, doing business under the present situation is challenging, insurers would continue to think out of the box to remain afloat.

He urged the government to assist the industry by enforcing compulsory insurance laws, stressing that relegating insurance as presently being practiced is inimical to the development of the economy.

According to him, insurance plays an important role in the economy, as it helps to reduce economic waste.

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