Business

NIGERIA: Stakeholders Want Insurers to Complement FG on SMEs Devt

Stakeholders in the insurance industry have charged the country’s operators to complement federal government’s efforts towards promoting Small and Medium Scale Enterprises (SMEs).
They also called on the umbrella body for insurance professionals in the country, Chartered Insurance Institute of Nigerian (CIIN), to examine the activities of its members, and to sanction those found guilty of breach of professional ethics.

They made the calls in a communiqué issued at the end of the recent 2013 International Education Conference organised by CIIN and held in Lagos, with the theme, ‘The Nation in Transformation: Repositioning the Insurance Industry’.

“The industry should be in the vanguard of promoting medium and small scale enterprises in line with the transformation agenda of the federal government. The insurance industry should also take a sterner look at the issue of corporate and individual practitioners’ market discipline by putting in place a disciplinary system that is compatible,” they said.

The stakeholders further noted that modern insurance practice is technology-driven, such that operators are required to deploy cutting-edge technology to be able to meet up with the trends imposed on all sectors of the economy by the national transformation process.

According to participants in the conference, insurance operators should take their human capital development seriously with a view to entrenching an enduring succession plan.

They observed that the ongoing national transformation processes engender far-reaching implications for the insurance industry, especially in the area of gaping business opportunities and the need to design policy packages, which can take care of the emerging risk exposures.
They also advised CIIN to explore avenues for bringing insurance professionals in governance under the same umbrella with a view to tapping from their exposure in the resolution of some of the issues weighing down the business and practice of insurance in the country.

The participants also noted that the insurance industry is facing serious challenges in the area of optimal financial literacy in the country and encouraged operators and professionals to put necessary machinery in place to boost insurance awareness.

The stakeholders also encouraged members of the insurance industry to create a working relationship with operators in other sectors of the economy in order to boost their take and contribution to the national economy.

“The insurance industry should promote fruitful partnership with other relevant bodies and agencies in order to create beneficial synergies in business promotion,” the participants in the education conference demanded.

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