Efekoha
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Chuks Udo Okonta
The Chairman, Nigerian Insurers Association (NIA), Eddie Efekoha, has identified human capital development and growth of reserve from annual operational profits as panacea to some maladies faced by insurance operators in recent times.
Efekoha, who is the Managing Director, Consolidated Hallmark Insurance Plc, also considered aggressive industry-wide awareness campaign and investment in technology as factors that would help reshape insurance business.
While speaking recently at an event organised by the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State, he called for proper pricing of insurance products; development of innovative insurance solution and review of reinsurance arrangements amongst others as urgent measures to be taken to enlarge the coast of the industry.
He called on the government to embark on enforcement of compulsory insurances; create stricter solvency regulation; implement risk base supervision; review the insurance act; increase accessibility of credits; grant tax incentives for some insurances and broaden insurance distribution channels.
He also canvassed creation of employment to increase purchasing power of the citizenry and curbing of the raising inflation.
He maintained that there is great hope for the insurance industry, stressing that the National Insurance Commission (NAICOM) and operators are working assiduously to meet the insurance needs of the public.
