The need for survival strategies for Insurance Company – NCRIB

Wants govt to insure national assets
WORRIED by the present economic challenges in the country, the Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the nation’s insurance industry to initiate appropriate management strategies to survive the current economic realities.

The President of Council, Emmanuel Kayode Okunoren, addressing a press conference in Lagos at the weekend said, “this is a challenging time for the insurance industry in Nigeria, in view of the recession being witnesed in the economy, dwindling oil prices, falling value of the currency, which is taking its toll on insurance like any other sector of the economy”.

He challenged both the underwriting firms, insurance brokers to initiate appropriate response for the survival of the industry. “The onus should be on us to be creative and proactive in maximising the seemingly gloomy economy situation to our advantage. For instance, it is high time operators began to look at policy direction of the government as partly enunciated in the draft budget, in the area of diversification of the economy”.

The NCRIB boss, however, said ‘we share the optimism that the government under the leadership of President Mohammed Buhari will reverse the ugly situation through the enthronement of probity and accountability in governance as we are already witnessing. Nigeria’s progress had been stultified by corruption and financial indiscipline and this has permeated the professions also. We hereby commend the ‘war’ and advice that government should work urgently on legal framework for the institutionalisation of the anti corruption war, even after the exit of the present administration. Also, the present administration should immediately commence on the conscientisation of Nigerians to re-create in the minds of the citizens the real virtues of honesty and transparency which was our hallmark many years past. On the part of NCRIB, we will continue to cooperate with government in achieving this mandate as we reckon that there is no way insurance industry could grow in an environment with systematic corruption”.

On insurance of national assets, the NCRIB boss said “there could not have been a better time to raise the issue of insurance of nation’s national assets than now, in view of the present administration’s disposition to prudence in management of the nation’s resources. It is our view that inputs should be solicited from the insurance industry in the government’s economic policies. As it is today, many of the nation’s assets are uninsured by government through its ministries and agencies, despite the promulgation of the law on compulsory insurances.


Source: Guardian News