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Practitioners Advocate Inclusion Of Insurance In Economic Growth Plan

Insurance experts want the sector accorded its recognition as key player in economic development Anurika Nwachukwu

The Insurance Industry Consultative Council (IICC) has advocated that Insurance should be made the cornerstone of the economic vision of Nigeria’s new government in order to achieve the goal of enduring economic growth. The Chairman of IICC, Mr Bola Temowo said this during a press conference organized by the council in Lagos yesterday to unveil the Council’s activities in the past year and the Insurance Industry Mega conference coming up next month.

He asserted that since risk management and mitigation is the pivot of enduring economic growth, insurance should be made a basis of the nation’s economic vision of the present administration. Temowo equally noted that insurance should play the role of a catalyst to economic growth as obtainable in other countries, regreting that the seeming lack of cohesion amongst the industry operators had been one of the problems impeding insurance growth in Nigeria. ”

We are cognizance of the fact that insurance industry should be the catalyst for economic growth as obtainable in other climes. Regrettably that has not been the case in the country, even though we are on the part to progress. Many reasons have been adduced for impeded growth among which is the seeming lack of cohesion amongst all industry operators”, the IIC chairman stated. Temowo noted that the Council is concerned about this lack of cohesion and has been working to project the unity of the insurance industry. “We have realised that no tangible development can be achieved when all the operators grow in different directions.

The IICC is concerned and has been working to put paid to this and project the industry cohesively.” he said Speaking on theMega conference scheduled to hold on Sunday 26th July – Tuesday 28th July 2015, he said that it is a platform for all stakeholders to discuss topical issues affecting the insurance industry, financial service sector and the National Economy stating that He said that the Nigerian insurance industry being critical stakeholder in the achievement of financial inclusion for all within our economy; considers it necessary to bring together all arms of the industry to achieve the required insurance penetration for higher percentage of financial inclusion in the country.

According to him, the focus of the conference will be on the vital steps the insurance industry must take in the development of the sector to make the desired impact on the growth of the nation’s economy. In her remarks, the Deputy Chairman IICC who is also The Mega Conference Organising Committee chairperson, Mrs Funmi Babington-Ashaye, stated that they are engaging panels of discussants and are partnering with the Government and a number of its agencies such as the Federal Road Service Commission (FRSC), Nigeria Customs Service, (NCS) Police and Town Planning to discuss how to drive all the policies to achieve the desired objectives. “We are going to ensure that we have the involvement of the government and also ensure that all that are discussed are implemented .We have sent a communiqué to them and also we are writing to private organisations like the telecommunication companies, etc to get more people to attend the conference” she said.

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