FG lauds insurance players over CSR

The Federal Government has commended the insurance industry on its investment in corporate social responsibility (CSR), especially in support of the fight against the COVID-19 pandemic.

Underwriting firms, in recent times, have shown concerns beyond their core responsibility of managing risks to sustaining government activities, which has helped to refuel the relationship between the sector and the government.

Speaking virtually at the just-concluded 47th African Insurance Organisation (AIO) Confab and yearly general assembly in Lagos, President Muhammadu Buhari, recalled the gesture made by the operators at the peak of the fight against COVID-19.

He used the opportunity to commend the Nigerian insurance industry for identifying with the government through the provision of life insurance for frontline medical and paramedical personnel in the course of the crisis. “Your support and solidarity in these times are highly appreciated,” he said.
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Buhari submitted that there was a great future for the insurance industry in Africa and urged insurers in Nigeria to take advantage of ongoing efforts by the Federal Government to grow the non-oil sector of the economy through innovation.

He noted that the industry would play a vital role in the diversification of the economy by bringing “necessary stability, economic sustainability, revenue generation, job creation and financial inclusiveness”.

He also commended the leadership of the AIO for the resilience, foresight and perseverance in ensuring that the African insurance market strives to meet its expectations in the global market notwithstanding the prevailing challenges.

The President said the theme of the conference – ‘Rebuilding Africa’s Economy: An Insurance Perspective’ – was apt and well thought out to respond to the reality of the moment as many governments struggled to devise ingenious ways to save the economy.

“The pandemic has indeed changed many perspectives that have forced leaders across the globe to think hard for remedies.

I want to assure you that we in Nigeria are doing everything humanly possible to ensure a coordinated approach to the pandemic and reaching out to other African leaders on possible best options to fully revive the African economy in which I strongly believe the Insurance industry has a vital role to play,” he added.

The President stressed that the COVID-19 pandemic presented a global challenge that led to a lockdown of many countries, travel restrictions and issuance of many health protocols, affecting human, social and economic interactions that made hosting of the conference impossible in 2020.
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