Chairman of Guinea Insurance Plc, Godson Ugochukwu has outlined measures aimed at improving the company’s performance, noting that downturn in the economy is a challenge to the industry to be more innovative.
Ugochukwu said the company will re position itself to go with the current tide of structural and operational changes in the insurance industry.
“There has been a renewed focus on corporate governance and the Board has spent a significant proportion of its time examining and strengthening the operational processes throughout the company. Having a solid corporate governance framework is key to rebuilding trust and transparency with al stakeholders,” he said.
Speaking further, the chairman added, “Contrary to fears that the decline in national revenue occasioned by the fall in oil price and depreciation in the naira value, would spell hardship for insurance industry as expressed recently by insurance practitioners, I am of the believe that the insurance sector has the potential to grow volumes and enhance shareholders’ value but it requires insurance companies to device means of taking advantage of growth opportunities around them because doing so, would not only increase its penetration but also, enhance awareness and the sector’s contribution to GDP.”
“As a company destined for greatness and propelled by a Board of Directors and Management team with insatiable thirst for success, we keep the faith that there are no limits, there are only plateaus.
We have therefore, taken steps to ensure that our greatest asset – our people, are enhanced through human capital investment. I am pleased to say, that in such a short while, we are beginning to experience growth in our business. I therefore, make bold to say that the future is indeed very promising.”
He called on government to provide thenecessary regulatory mechanisms, conducive business environments and ensure full enforcement of compulsory insurances in Nigeria as it wouldnot only drive the growth of the sector but also, contribute significantly to the growth of the country.
He however expressed regret on government’s lack of political will to enforce certain laws and policies which he said were serious headwinds that have slowed down the growth of the industry.