Yemisi Izuora
The Nigerian Insurers Association has appealed on the National Insurance Commission to sustain its efforts in the enforcement of the compulsory insurances listed in the Insurance Act of 2003.
The Association is also seeking the assistance of NAICOM in pursuing the amendment of the Companies Income Tax (Amendment) Act 2007 (CITA) to relieve insurance companies of the heavy tax burdens which is capable of inhibiting the desired growth of the market.
These issues among others were presented by the Chairman of the Association, Mr. G. U. S. Wiggle to the Commissioner For Insurance, Mr. Fola Daniel, during a meeting between the CFI and Chief Executive Officers of NIA member companies in Lagos recently.
The NIA boss who listed the giant strides the Association has made in recent times to include; sponsorship strengthening of Customer Complaints Bureau which is an Alternative Dispute Resolution Mechanism, awareness campaign to increase insurance education thereby bringing more people into the insurance net and the establishment of the Energy and Allied Insurance Pool to curb capital flight, increase retention and building capacity in Energy and Allied Risks underwriting, as well as sponsorship of a candidate to pursue a Master of Science Degree in Actuarial Science in a UK University as part of capacity building initiatives in that critical area of insurance practice, urged the Commissioner For Insurance to assist the Association by supporting these and other initiatives in order to deepen insurance penetration.
“We thank you for this visit and urge you to support the Association in the drive to increase insurance penetration in Nigeria. We have taken some bold steps and we believe that they will complement the reform initiatives you have introduced. Your support is critical to the growth and expansion of the insurance market in Nigeria” he stated
In his response, Daniel noted that the Association had taken some giant strides in some areas but added that more effort needed to be made to shore up the fortunes of insurance companies.
He challenged insurers to key into the growth agenda espoused by the government as a fall-out of the Insurance Summit held in December 201.
While appreciating the role of insurance in national development, the CFI said the major goals of the Summit was to enable the insurance industry deliver jobs and skills development, build consumer trust and public awareness, increase access to insurance and enforcement of compulsory insurances. He therefore charged underwriters to own the deliverables from the Summit and ensure attainment of set goals.
He urged the Association to help work out modalities at ensuring competitive and appropriate rates in the industry.
The NAICOM helmsman commended the Association for setting up the Energy and Allied Insurance Pool and encouraged companies to key into the Pool arrangement in order to participate fully in the underwriting of Oil and Gas Insurance risks in the Nigerian market.
“I want to appreciate the industry for the success of the Insurance summit and also take this opportunity to request that insurance companies should key into the goals of the summit which include; enforcement of public interest/ compulsory insurances, deliver jobs and skills development, build consumer trust and awareness and increase access to insurance. I urge you to own the deliverables from the Summit and work towards its attainment. The Commission will support the Energy and Allied Insurance Pool and ensure that the market reaps the benefits maximally” he promised.