Monday, September 8, 2025
28.5 C
Lagos

‘Insurance Firms Will Not Sack Workers’

Insurance companies in Nigeria will not sack their staff as a means of survival like the banks did recently. Banks such as First Bank, Skye Bank, Diamond Bank, FCMB and Ecobank recently sacked thousands of their staff in a bid to survive the current economic downturn in the country.
Mr. GUS Wiggle, Chairman, Nigerian Insurers Association [NIA] declared in Lagos yesterday that no insurance company operating in the country will follow the example of the banks, saying retrenchment of staff is not the right way to survive.
“Insurance companies will not sack workers. We don’t think it should be the best survival approach. In times like these, your best friend is insurance,” Wiggle declared.
He said the strategy of insurers is to continuously educate people to buy insurance to hedge against tough times and reduce waste.
The NIA chairman expressed optimism that the new flexible forex regime by the Central Bank of Nigeria [CBN] will impact favourably on marine insurance, given that imports have virtually grounded to a halt presently as businesses struggle to access foreign exchange to run their operations.
“We are in a very challenging time. No sector of the economy is finding it impressive. We hope that the new flexible forex rule by the CBN will help improve marine insurance going forward.”
Wiggle expressed sadness over the inability of many insurance firms to pay dividend to their shareholders.
“We feel sad that our shareholders are not benefitting from their investment. The problem is the stringent conditions under which we operate. Part of it is poor pricing. We may not be charging adequate premium. We are also victims of fraudulent claims by some insured persons.”

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

NSE Employees Give Back in CSR Initiative

The Nigerian Stock Exchange has announced that its employees...

AccorHotels: A Record Year of Growth, Development in Africa

Straight from the African Hotel Investment Forum (AHIF) in...

PenCom, NERC Partner to Enforce Pension Compliance by GENCOs, DISCOs

From left: NERC Commissioner, Planning, Research and Strategy, Dr...

Smile Communications Launches #SmileSalutes Campaign to Recognise, Reward Excellence in Public Sector

Smile Communications, the leading 4GLTE telecommunications company, is thrilled...

Report: 1.3bn 5G Mobile Connections by 2026

As the use of smartphones and tablets on 4G...

U.S. Commercial Insurance Prices Rose Almost 10% in Q2

Mr. O. S. Thomas Commissioner for Insurance National Insurance Commission (NAICOM) U.S....

Danbatta Applauds Media Role in Nigeria’s Telecoms Development

L-R: Grace Ojougboh, Head, Online Media & Special Publications,...

Fidelity Bank Champions Africa’s Export Growth at FNITCC Atlanta 2025

Leading financial institution, Fidelity Bank Plc has announced plans...
spot_img

Related Articles

Popular Categories

spot_imgspot_img