Mr. Eddie Efekoha, Chairman, Nigerian Insurers Association [NIA] has unveiled strategic four-model Plan of Action to grow the insurance sector in Nigeria.
Efekoha listed the four strategies as Stakeholders Engagement, Market Development & Discipline, New NIA Building Project and Educational Endowment Fund during his official investiture in Lagos.
He said the stakeholders’ engagement is intended to address the knowledge gap between the insurance industry and relevant policy-makers in the country.
“Very often, insurance as an instrument for financial intermediation is misunderstood by policy-makers. It is therefore necessary to enter into constructive engagement with relevant stakeholders to educate them on the workings of insurance business and to fully equip them to be able to respond adequately to the rising cases of fraudulent claims in the market.”
The NIA chairman lamented the heavy burden imposed on the industry by CITA 2007, saying the situation further strengthens the need for insurers to continually engage with tax authorities to amicably resolve the issues and avoid areas of future conflict.
On market development & discipline, he said: “During my tenure, collaborative efforts will be made at enforcing market discipline amongst industry players to encourage market development and sustainable business practice in the industry.”
He said the measure will involve ensuring that all compulsory insurances are enforced, explore areas of collaboration, particularly on shared services to reduce overhead costs, ensure on-going implementation of risk-based supervision is continued with input from NIA and review the NIA constitution to make more dynamic in response to the changing business environment.
Efekoha also canvassed the establishment of Educational Endowment Fund to promote insurance education in the country by encouraging research and hardwork in the nation’s tertiary institutions of learning.
“I want to restate that the NIA has and will continue to remain true to its legacy as an institution that exists to champion the cause of the insurance industry and policy-holders. We will ensure that the founders’ sense of purpose will be upheld by us at all times by joining hands with other stakeholders to build an insurance industry that is consumer-centric.”