Insurance

Ogunbiyi canvasses government support, patronage for Insurance industry

From left: Dr. Akin Ogunbiyi, Chairman, Mutual Benefits Assurance Plc/Chief Launcher of new NAIPCO website; Mr. Austin Enajemo-Isire, Chairman, Nigeria Social Insurance Trust Fund (NSITF)/Chairman of the occasion; Mr. Chuks Udo Okonta, Chairman, National Association of Insurance and Pension Correspondents (NAIPCO); Mr Rasaaq Salami, Head, Commissioner for Insurance Directorate, NAICOM, and Mr. Val Ojumah, Managing Director/CEO, FBN Insurance Ltd at the 5th NAIPCO national Conference, on Bankable Investments Portfolio For Insurance, Pension Sectors in Lagos Wednesday,4th of November, 2020

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Chuks Udo Okonta

Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, has called on government at all levels to support and patronize the Nigerian Insurance industry to achieve its objective, support the nation’s economy, ensure returns on investments as well as achieve capital adequacy.

Dr. Akin Ogunbiyi made the call at the 2020 National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO), with the theme “Promoting Bankable Investments Portfolio for Insurance and Pension Sectors, In Lagos today.

He said the industry can achieve adequate return on investment and capital adequacy ratio through support and patronage of the Nigerian Insurance industry by government at all levels and also by ensuring reduction of sharp practices to its barest minimum.

While noting that the industry can accumulate retain earnings and shareholders funds on a sustainable basis through good corporate governance and adaptive leaders that recognize and respond to insurance needs and relevant adjacencies, he said the industry also require commitment and dedication from all of us to achieve survival, growth and profitability.

Ogunbiyi who was the NAIPCO website Chief Launder, said the Financial assets such as debt and equity instruments as well as money market and equity funds are returning low yield, adding that as a result of the prevailing not too favourable investment climate, capital preservation yields are not as profitable as before.

He noted that though inflation at 13.9 percent, one loses money in real terms as Fixed income may guarantee cash flows, but with negative profitability.

“I want to submit that we can achieve adequate return on investment and capital adequacy ratio through. Support and patronage of the Nigerian Insurance industry by government at all levels and Reduction of sharp practices to its barest minimum
We can accumulate retain earnings and shareholders funds on a sustainable basis through good corporate governance and adaptive leaders that recognize and respond to insurance needs and relevant adjacencies. We require commitment and dedication from all of us to achieve survival, growth and profitability,” he pointed out.

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