Insurance Operators, Regulators commit to Repositioning lndustry for Sustainable Economic Growth

Insurance practitioners and regulators rose from the 2024 Business Journal annual lecture with a commitment to improve the public trust, increase awareness, density and and market penetration, so as to reposition the lndustry to lead sustainable economic growth in Nigeria.
This is the highpoint of the the lecture titled: Repositioning the Insurance Industry to Drive Sustainable Economic Growth in Nigeria held at the Event Centre, Nigeria Exchange Group (NGX)Lagos.
The lecture chaired by the Mr. Tope Smart, Group Chairman of NEM insurance Group attracted many operators, practitioners and stakeholders reviewed the state of insurance industry.
In his opening remarks Mr. Tope Smart said that the title of the lecture has admitted that the insurance industry has underperformed. Citing the contribution of 2.4 percent to African Gross Domestic Product, 7percent less than the global contribution he said the industry has the lowest penetration. He explained that the 0.4percent contribution to Nigerian GDP is attributed to issues of lack of insurance acceptance, market penetration and lack of awareness of the benefits of insurance. While stressing that insurance is the bed rock of any economy, urged the operators to rise be deliberate and intentional to reposition the industry.
Also the Chairman of Insurance Nigerian lnsurers Association,(NIA) Mr. Kunle Ahmed said that the insurance Industry is not where it should be.
Citing the volume of car import in Nigeria last year 13.4 million cars,Ahmed who was the guest of honour , said only 3.4million cars are insured. He said that although some insurance laws are still archaic, he said that insurance is very crucial and called for all hands to be on deck to reposition the lndustry.
But in his paper: Repositioning the Insurance Industry to Drive Sustainable Economic Growth in Nigeria, the keynote speaker Mr. Akinjide Orimolade, Managing Director/CEO of Stanbic IBTC Insurance Limited reviewed the global and national state of the industry underscoring weaknesses and strength and the Strategic lmportance of insurance in every nation.
He concludes that Repositioning the insurance sector as the key driver of sustainable economic growth in Nigeria is essential to address current challenges.
Orimolade who was represented by Mrs Temitayo Sogbola, MD/CEO of Risk Tech and Advisory, averred that this is achievable through Innovative solutions, regulatory reforms and partnerships.
Specifically, he said, this is by focusing on increased awareness, product innovation/diversification and technology. “The insurance sector can become a powerful tool for financial inclusion, economic stability and long term sustainable economic growth. With the right policies and industry practices, insurance can play a role a vital role in Nigeria’s journey towards becoming a more resilient and prosperous economy “