The Federal Government will soon release a new blueprint to
reposition the country’s insurance industry, Minister of Finance,
Mrs Kemi Adeosun has said.
The minister announced this at the 38th Annual General Meeting
and Education of West Africa Insurance Companies Association,
WAICA, in Lagos yesterday.
Adeosun, who was represented by Mrs. Patience Oniya, a
Director in Efficiency Department in the Ministry of Finance, said
the country’s Insurance Industry was part of the current
government’s plan to diversify the economy and said the new
blueprint would change the face of the industry.
“As part of efforts to reposition the industry, and make it play a
more critical role in the economy, government has inaugurated a
committee on the Review of the Insurance (Consolidated) bill.
This committee is expected to submit its findings soon for proper
action to be taken,” she said.
She called on insurers to support the committee to achieve
growth for the industry.
Adeosun also said government would support the industry to fill
its capacity gap, noting that not too long from now, its
contribution in Gross Domestic Product, GDP, which at present
was lower than one per cent would increase.
Earlier, Commissioner for Insurance and Executive Secretary,
National Insurance Commission, NAICOM, Mr. Mohammed Kari,
said though the future of the sector was hard to predict, there
was need to be prepared at all times.
He said insurers were faced with the challenges of new
businesses, changing laws and regulation among others.
, stressing notwithstanding these challenges, there was enough
potential for positive growth of the insurance sector in West
Africa.
“However, these growths would be achieved given the
collaborative efforts of the players, regulators and governments
in the regions. The potentials I see are not limited to some
prospective demands for insurance products but for the
operator’s collective efforts to address common issues that were
hitherto seen as individual’s problems,” he said.
The President of WAICA, Mr Ivan Avereyireh in his opening
speech called for collaboration between West African supervisory
Authority (WAISA) and WAICA for the development of member
countries economy,
