Economic downturn: Insurance operators seek survival measures


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Chuks Udo Okonta

Worried by the present economic challenges which may likely lead to decline in gross premium this year, the Chartered Insurance Institute of Nigeria (CIIN) in collaboration with the Lagos Business School (LBS) have concluded plans to hold an international seminar, which would provide an avenue for insurance operators to brainstorm on how to keep their operations afloat amidst the downturn.

According to the Institute, the seminar billed for Thursday, March 17, 2016, with the theme: Key Economic and Strategy Imperative for the Nigerian Insurance Industry in 2016 – The way forward for Insurance Business in A Challenging Economy, was designed for the top echelon of the insurance industry and the financial services sector, to appreciate and analyse the changing structure in the Nigerian economy. It would also enable them to periscope the challenges of the industry; analyse the new political/fiscal landscape as it affects the industry; develop strategies aimed at driving the industry’s business in a turbulent economic environment and adapt and innovate to ensure growth and stability of the growing insurance business.

“With the planned cut in budget of most states, the Federal government planned financing of the 2016 budget with an estimate deficit portion of N2.2 trillion, the continuous downsizing and employment cut done by most firms heavily exposed to exchange rate risks in Nigeria, the insurance sector is no doubt exposed to a likely risk of decline in gross premium in 2016.
“As we await the approval of the 2016 Nigerian appropriation bill, there is urgent call for a paradigm shift in the insurance industry,” it said.

It posited that the one-day executive seminar, designed for insurance leaders will provide an opportunity to gain insights on likely approaches to repositioning the industry in a challenging economy.

It noted that speakers comprise a team of experienced faculty members of the Lagos Business School.

The fee, according to the institute is N100, 000.00 per participant and a discounted fee of N75, 000.00 was offered to insurance brokers, loss adjusters and self-sponsored individuals.

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