President Chartered Insurance Institute of Nigeria, Mrs Funmi Babington-Ashaye has predicted a boom in the insurance industry, following innovations and new products that are set to launch in the market.
Babington-Ashaye who spoke during the closing gong ceremony at the Nigeria Stock Exchange, NSE, in Lagos, stated that as the economy consolidates on its growth trajectory, insurance industry will hopefully enjoy an unprecedented boom due to the various initiatives of the regulator, the National Insurance Commission (NAICOM) which includes release of guideline on micro-insurance to deepen insurance penetration and to achieve financial inclusion target for the sector, implementation of compulsory insurance and adoption of new risk-based regulatory regime.
She however commended the sterling qualities and discipline leadership which the management of the NSE has brought to bear on the governance and activities of the capital market in Nigeria, stating that existing and potential investors are rest assured that their investments are in safe hands.
She said that the insurance industry fundamentals are sound and favourable and urged all listed entities to faithfully comply with market regulations and reporting practices, in the best interest of all stakeholders.
Oscar Onyema, chief executive officer of the NSE who received the CIIN delegation said insurance industry occupies an importation position in the Nigerian Stock Exchange, stating that the healthier they are, the more sustainable the market and the economy at large will be.
Onyema who was represented by Bola Adeeko, head, Corporate Services Division, NSE called for synergy and partnership between the insurance companies and the NSE, pointing that there are market initiatives, capacity building and human resource development programmes that will enhance their performance and increase market confidence on their stocks.