Experts Seeks New Path To Grow Insurance Business In Nigeria

Experts Review Business Opportunities In Nigeria's Insurance Industry -  Oriental News Nigeria

Yemisi Izuora

Worried about snail pace to advance insurance growth in Nigeria, experts and key industry professionals are demanding more robust growth path to deepening insurance penetration.

Professionals in the field have advised stakeholders to promote sustainable insurance in the country when they converged at the first edition of the Chartered Insurance Institute of Nigeria (CIIN) Insurance Industry Conference in Lagos.

At the conference the discussion centered around providing the right tools and approaches to manage the risks associated sustainability that are environmental, social and governance (ESG) is crucial.

Head of Information Technology Department of the National Insurance Commission (NAICOM), Abiodun Aribike, said that NAICOM is already deploying IT to drive sustainable insurance in Nigeria in partnership with Financial Sector Deepening Africa (FSD) Africa.

Both parties recently launched the Risk, Resilience and Regulation Lab (R3Lab) in Lagos to support the growth of the industry which was aimed at mitigating the impact of specific challenges hampering the insurance regulatory environment in Nigeria as well as exploring a way forward.

“The R3Lab offers a three-tiered approach to building technical capacity and regulator skills in innovation and sustainable insurance,” he said.

Also speaking, Head of Retail Solutions, AXA Mansard Insurance, Rashidat Adebisi, highlighted the need for operators to start working on sustainability for the future by shifting their focus from investing in oil towards gas, because the latter is more durable.

“The world is currently moving away from oil. We need to start investing in gas, which is more sustainable and greener. We need to act on sustainable goals because it helps save the environment. I urge everyone here to start and lead the conversations around sustainability goals in their various businesses because sustainability is key,” she said.

Hogg Robinson Nigeria Limited, representative Saheed Egbeyemi, said opportunities abounded for the sector to exploit and thrive, but the issues of rate cuts and unhealthy competition had to be addressed. resolved. He added that underwriters and brokers need to collaborate more to advance the principles of sustainable insurance.

The event, themed “Sustainable Insurance – Issues and Trends”, attracted players from different segments of the insurance industry – regulators, insurers, brokers and claims adjusters – who came together to map out the issues and trends in sustainable insurance.

President of the Institute of Loss Adjusters of Nigeria (ILAN), Ralph Opara, said ILAN is doing a lot to improve sustainability as the arm remains the common thread in the insurance value chain while the Rector College of Insurance and Financial Management (CIFM), Dr Yeside Oyetayo, said that ESG risks are now criteria for determining a sustainable business, therefore, risk training and programs must be taken into account in the field of academic course insurance.

Concluding the roundtable, CEO and President of the occasion, Olusegun Omosehin, emphasized that collaborations and innovation are the way forward for the industry when it comes to sustainability.

“There are opportunities for us as underwriters, so we need to transition to green insurance so that we can support businesses and the future of insurance in Nigeria,” he said.

According to CIIN Chairman, Muftau Oyegunle, “The objective of this program, among others, is to bring together all stakeholders from different branches of the insurance industry, discuss the business and how it affects industry operations and chart the way forward for insurance to thrive in the country.

“The theme of this first edition is indeed very relevant and strategic given the times in which we find ourselves. With this theme, we assure you that the engagement and interactions of all stakeholders here present will be done in an enlightening and forward-looking approach.

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