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Fresh hope for insurers as NIA, CIIN get new leadership

By Bankole Orimisan
28 July 2020   |   3:25 am
The Nigeria Insurers Association (NIA) has called on stakeholders to work together to redeem the industry’s poor image to move it to the next level.

The Nigeria Insurers Association (NIA) has called on stakeholders to work together to redeem the industry’s poor image to move it to the next level.
The operators said such cooperation will enable them to maximise the untapped potential in the economy, and raise the confidence level.
To this end, the new NIA Chairman, and Managing Director, Cornerstone Insurance Plc, Ganiyu Musa, pledged to preserve the interest of the insured.
Musa, who spoke on strategies to redeem the industry’s battered image, after being sworn-in as the new chairman in Lagos, assured that his administration would unify the stakeholders and uphold ethics of the practice.

He said: “We observed that many Nigerians are yet to embrace the culture of policy holding,” and expressed the need for the Association to engage in public education and enlightenment programmes that would excite the interest of the people in the business.
He urged operators to make maximum use of investment opportunities now available to them to strengthen their liquidity position, to enable them meet the claims of policyholders, and companies whenever the need arises.
He maintained that such efforts would help restore public confidence in the ability of the industry to deliver and redeem its obligation to clients.
The insurer therefore called on the operators to extend some of their programmes to the rural areas, to enable them tap into the potential at the grassroots.
He said: “There is the need too for insurance companies to redesign their products and services in such a way that would meet the need in the ever changing behavioural pattern of people.
“In doing so, concerted efforts should be made to ensure that the economic environment and social behaviour of people are integrated into the policy formulation and marketing strategy objective of the insurance companies.
“Another area, which the insurance industry is yet to fully explore, is the life policy and pension insurance scheme. This can really make long-term funds available for profitable investment in the insurance sector.
“It seems to me that the lack of insurance life portfolio has made our insurance companies to be caught in the web of low investments and needless competitions, with other players in the money market.”
Commissioner for Insurance, Sunday Thomas, had earlier urged insurance professionals to act professionally, adding that failure to observe this tenet in the past had caused the industry so much injury.
“The time has indeed come for us to speak professionally and act like the true insurance professionals we claim to be in the course of performing or conducting our business.

“Our failure to observe this tenet in the past has caused the industry so much reputation injury. I am glad to say the current efforts of the underwriters to change the perception of the public about insurance are timely and laudable. All other sectors should join in with their widow’s might to ensure the success of the project,” he said.
Meanwhile, over the weekend, the Chartered Insurance Institute of Nigeria (CIIN), told The Guardian through its spokesperson, Nonso Okafor, that the institute has concluded plans to inaugurate Muftau Oyegunle, as the 50th President and Chairman of the Council of the premier Institute.
After the two years tenure of Eddie Efekoha elapsed at the helm of affairs, Oyegunle’s path to leadership is replete with acts of dedication and service to the Institute for over 26 years in various capacities.  
He rose to the position of Chairman, Kaduna branch of CIIN from 1994 to 1996, and was voted into the Council in 2009, where he has remained a member to date, and prior to his investiture as President.
He had also served as its Deputy President, and Chairman, College of Insurance and Financial Studies.

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