Leave a comment and share
Chuks Udo Okonta
Getting capable and qualified personnel to occupy existing managing director positions is posing a challenge for insurance companies, Inspenonline can report.
Though, in recent time, some companies have attracted few good hands, investigations showed that there still lies a big gap in meeting the human capacity need of the sector, as available data showed that a financial institution – Zenith Bank Plc, has more employees than the 57 underwriting firm as at year 2020.
According to data obtained from the 2020 Nigeria Insurance Digest, published by the Nigerian Insurers Association (NIA), underwriters have 6,673 employees as against Zenith Bank’s 6,785 employees.
Worried by the dearth of competent personnel to occupy managing directors’ positions, the Commissioner for Insurance Sunday Thomas, at the recently held 2022 Business Outlook, organised by the Chartered Insurance Institute of Nigeria (CIIN) said the development poses a threat to the sector, adding that top executives of two Insurance firms had told him that they needed people to occupy their managing director positions, but have not found qualified candidates.
According to him, he was moved to urged one of the official to elevate the person next to him, but was surprised to be informed by the official that there is a wide gap between him and the person next to him.
Thomas at the event, implored top managements of insurance firms to create rooms for development of their employees.
He noted that human capacity should be accorded the needed attention, stressing that the National Insurance Commission (NAICOM) is presently is training and retraining its employees to enable them offer globally accepted services.
The NAICOM boss implored managing directors of insurance firms to help develop those around them so as to engender growth.
