From left: Chairman Nigerian Insurers Assocation (NIA), Eddie Efekoha, Chairman Insurance Industry Consultative Council (IICC) and President Chartered Insurance Institute of Nigeria (CIIN) Lady Isioma Chukwuma, Deputy Chairman House Committee on Insurance and Actuarial Matters National Assembly, Olufemi Fakeye, Minister of Finance, Mrs Kemi Adeosun, Commissioner for Insurance, Mohammed Kari, Chairman Insurance Conference Committee 2016, Yetunde Ilori and President Nigerian Council of Registered Insurance Brokers (NCRIB) Kayode Okunoren at the event.
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Chuks Udo Okonta
Of the 57 insurance companies in the country, less than 23 advertised their products, the Minister of Finance, Mrs Kemi Adeosun, has said.
Adeosun disclosed this today at the 2016 National Insurance Conference (NIC), taking place in Abuja. She identified low awareness as one of the factors responsible for the under-performance of the sector.
“The companies put in less than 20 adverts on television, less than 10 adverts on radio and less than 10 adverts on social media.
“Other factors include poor distribution channels and unethical practices among operators,” she said.
She noted that her ministry is working vigorously with the National Insurance Commission (NAICOM) to ensure that premium discounting is eliminated among practitioners, stressing that there was need for recapitalisation of most insurance companies.
Commissioner for Insurance Mohammed Kari pledged NAICOM’s commitment to making the industry the next growth area for economic development.
Chairman Insurance Industry Consultative Council (IICC) Lady Isioma Chukwuma, said
the Conference is part of the desires of the constituent bodies in the IICC to further strengthen and sustain the unity of the Insurance Industry which is a critical catalyst for enhancing national economic development.
She said the benefit of insurance to national economy cannot be overemphasized, stressing that regrettably, these enormous potentials have been stultified, among others, by lack of intra industry cohesion.
“It is my utmost belief that a unified Conference of this nature would present the industry as a holistic sector, as well as enhance its image in the eyes of the various strategic publics and stakeholders,” she said.
Over 200 insurance practitioners are attending the three-day conference.
