Stories by David Agba
Abuja
The federal government has charged operators of the nation’s insurance industry to wake up to its responsibilities as a potential growth area of the economy, surmount its timidity, shape up and contribute to the turnaround of the economy.
Minister of Finance, Mrs Kemi Adeosun gave the charge at the opening of the National Insurance Commission Retreat 2015 held in Abuja.
She stated that the challenges of of the industry are legendary, adding that it is common knowledge that there is no consumer trust due to the zeal and eagerness by operators to take premiums, but no reciprocal readiness or willingness to pay genuine claims.
Mrs Adeosun said: “The industry appears to be fragmented with some weak and insolvent players.
There is an evident low penetration of your products and services and a lack of professionalism and good ethical culture from the operators.”
According to her, the task ahead are onerous, adding that the industry must contribute positively to the gross domestic product and creation of employment and that it can achieve these by cleaning itself and improving its services to consumers.
The minister therefore enjoined the National Insurance Commission (NAICOM)to ensure that the players in the industry play by the rules, while assisting the operators in market development and product approvals.
She further said that NAICOM would be expected to make efficient use of the financial and non financial resources available to it.
In his remarks, the Commissioner for Insurance (NAICM) Mohammed Kari said the retreat was an opportunity for the management and staff to interact with the aim of hearing from the bottom and then be able to resolve issues from all sides.
