From left: Director Technical, Legal and Admin, Nigerian Insurers Association, Mrs Olawunmi Idowu; Chairman, Godwin Wiggle and Director-General, Sunday Thomas at the event.
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Chuks Udo Okonta
The Nigerian Insurers Association (NIA) has said insurers would not sack workers in spite the present economic impasse.
Its outgoing Chairman, Godwin Wiggle, disclosed this today at a press parley in Lagos, 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.
On the outcry by shareholders over nonpayment of dividends by some insurance firms, he said the operators are not happy that shareholders are not benefiting from their investments, adding that most insurers are unable to pay dividends due to stringent rules and difficult environment they operate on.
He lamented over the menace of fake insurance, stating that those buying fake insurance are procuring waste papers which are not tenable in times of mishaps.
Wiggle said the government is presently losing huge revenue to the menace of fake insurance, adding that counterfeiters, do not pay tax from the money made from their illicit act.
The Chairman whose tenure will end by Thursday, June 30, 2016, on his scorecard, said: “Looking back at the agenda we set for ourselves at the beginning of our tenure, we want to say that we have made some modest achievements during the period.
On the relationship with NAICOM, we have continued to engage the Commission on issues that affect the business of our members and this will continue as issues may arise.
“There is also an on-going initiative to improve market conduct and market discipline.
On the relationship between the Association and other regulatory bodies, the Association has continued to engage other regulators such as SEC, FIRS, PENCOM and NSE on issues bothering on the effect of their oversight activitieson member companies.”
The Director-General of the association, Sunday Thomas, said insurers would continue to educate the public on the need to buy insurance, which according to him, remains the best tools to mitigate risks.