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Insurer laments low adoption, seeks improved capacity


The low insurance penetration in the Nigerian market has been a major challenge to underwriting companies, particularly in this period of recapitalisation exercise with June 2020 deadline.

Experts in the sector, at a forum, agreed that the poor adoption of the insurance policy for government and the individuals have continued to pose greater challenge to the industry’s growth, as well as the economy at large.

For Leadway Assurance Company Limited, Nigerians must embrace insurance policy as a means to address immediate challenges besetting businesses and financial plans.

But determined to serve its various stakeholders in the nation’s insurance industry, following the retirement of Oye Hassan-Odukale as managing director/Chief Executive Officer Leadway Assurance Company Limited, Tunde Hassan-Odukale is now the new managing director of the assurance company.

Hassan-Odukale retired after three decades of nurturing the company in executive capacity.

During his tenure, he saw the business grow from a small regional company into one of Nigeria’s foremost insurance companies, attaining the first position in terms of Gross Premium Income (GPI) and balance sheet size.

The new boss whose appointment takes effect from January 01, 2020, has been a key member of Leadway’s executive and leadership team since 1999, previously serving as the company’s executive director, Financial Services and Systems.

Speaking on the new appointment, Leadway’s outgoing helmsman stated that in his 30 years of leadership experience at Leadway, the newly appointed boss has been the driving force behind the tremendous growth in the areas of Life Assurance, Investments, Finance and Technology.


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