NIA refocuses to win support, respect from all stakeholders


*Musa unveils 9-point agenda

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Chuks Udo Okonta

The Nigerian Insurers Association (NIA) hopes to refocus to enable it win support and respect from all stakeholders in Nigeria, particularly the executive and legislative arms of government, the Chairman, Ganiyu Musa, has said.

He disclosed this at his investiture as the 24th Chairman of the association in Lagos, stressing that the association would work closely with other stakeholders to maximize the benefits derivable from insurance.

The NIA Chairman used the occasion to unveil his 9-point agenda, which he hopes to leverage to take the insurance industry to lofty heights.

According to him, his first agenda is to refocus the association to win support and respect from all stakeholders in Nigeria economy, particularly the executive and legislative arms of governments, followed by working with all stakeholders to ensure passage of the consolidated insurance bill and working with his predecessors in office to move the association to the next level.

He also seek to improve relationship between NIA and its regulatory agencies, including National Insurance Commission (NAICOM) Central Bank of Nigeria (CBN) Security and Exchange Commission (SEC) and National Pension Commission (PenCom); collaborate with other bodies in the trade industry to deepen insurance penetration in Nigeria; promote ethical standards amongst NIA member companies and larger insurance industry to earn the respect the association deserves; work with all stakeholders to address all restrictive laws on insurance practice; work with its partners such as GIZ and the Financial Inclusion Secretariat to ensure greater insurance awareness and penetration and work with NAICOM to achieve seamless migration to IFRS 17.

Musa maintained that the list of what he hopes to achieve is not exhaustive, adding that his administration would look inwards to take advantage of the untapped potential demand for insurance in Nigeria, stressing that this would engender relevance of insurance business to the growth of the nation.

As part of earning respect from stakeholders, the NIA yesterday published the expulsion of Industrial and General Insurance Limited;Niger Insurance Plc and Standard Alliance Insurance Plc for failing to meet obligations to policyholders. The firms were asked to cease forthwith from using the NIA logo on their letterheads and other official documents.

Commissioner for Insurance, Sunday Thomas, at the investiture implored the NIA to work hard in ensuring its members live up to their claims responsibilities.

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