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Chuks Udo Okonta
Continental Reinsurance has reiterated the need to ensure continuous leadership capacity development in the insurance industry, in order to boost the sector’s development and contribution to the countries Gross Domestic Products.
During a CEO Breakfast organised by the reinsurance firm in Lagos on Friday, which was attended by insurance CEOs and other top executives in Nigeria, the Senior Fellow, Lagos Business School, Dr. Akin Oparison, spoke on the how leaders could continue to revitalize their leadership brand, as well as the challenge of driving the impact of the industry they lead.
In his presentation titled, ‘Leadership Is Common Sense’, Oparison said, “Leadership entails, not leaning on the inherent power of your role, but translating the power into influence by using the power to drive your purpose.”
Speaking on the need for trust in the underwriting sector, he said the insurance industry is a major engine for economic growth and can be a lot more impactful than it is.
He said, “In Nigeria we have the lowest penetration in Africa, and the informal sector of our economy is completely untouched by this industry, not because they don’t need the services you provide but they are telling themselves, at great cost and pain, that they can do without you.
The Chairman, Nigerian Insurers Association, Mr.Kunle Ahmed, also urged the participants to continue to be innovative with technology, in order to remain relevant and sustain their market share.
Group Managing Director, Continental Re, Lawrence Nazare, said, insurance penetration is primarily a distribution issue, and that, there’s need to address a larger percentage of the needs of the various sectors.
While noting that the concentration should not be only about the large businesses like the oil and gas sector, he said, “We have to create retail solutions for the retail segments,” he said.
Nazare expressed his appreciation to the insurance companies and assured that Continental Re will continue to support the development of the local market.
