The Federal Government has commended the insurance industry for the swift response to the settlement of claims that arose from the #EndSARS crisis, saying, “The insurance industry has done well but can do more.”
The salute from the federal government was relayed by Minister of Finance, Budget and National Planning, Mrs. (Dr) Zainab Shamsuna Ahmed (pictured), who was the special guest of honour at the investiture of Barr Oluwarotimi Edu as the 21st president /chairman of the governing council of the Nigerian Council of Registered Insurance Brokers, held today at Marriot Hotels Ikeja, Lagos.
Mrs Ahmed urged the industry to use the spotlight it has gained in “closeness, romance and positive relationship with the federal government” not attained before now since its over 60 years history, as a good opportunity “to impress in the heart of the general public and businesses the value of insurance as a financial instrument for protection and sustainability.”
She comments, “The leadership of all arms of the insurance sector must see this opportunity as a challenge to boost the image of the sector and move positively closer with a view to increase its visibility through efficient service delivery.”
The federal minister also charged Barr Edu and the entire insurance broking family to key into the various initiatives of the federal government especially those relating to poverty alleviation.
Assembling the vast qualifications of Edu including his recent, graduate of National Institute for Policy and Strategic Studies (NIPSS), Ahmed said his versatility and pedigree gives her confidence that the council under his leadership will be a formidable partner to the regulator, National Insurance Commission, and the government in the implementation of its various policies and initiatives.
She also urged the industry players to actively get involved in the efforts the Commission is relentlessly making to develop the market. She was upbeat that “there is huge market for insurance in every state of the federation but lack of or inadequate presence of insurers and intermediaries may have hindered uptake of insurance in those places.”
Confident of her assertion, Ahmed says, “I want to challenge the intermediaries that there is huge untapped market in the retail business and I urge your members to learn new ways to reach out and explore this area of huge potential for inclusiveness.”