Government at all levels need to support the insurance sector to enforce compulsory insurance policies in different segments of the society.
“In other parts of the world where compulsory insurance is practised, government creates an enabling environment for enforcement and ensures that people comply. In Nigeria, enforcement is the problem and without enforcement, premiums are lost to fake insurance,” he said.
According to him, motor insurance is one of the compulsory insurance policies found to be beneficial to road users but had not been fully enforced.
He observed that many people, mostly motorists were still in possession of fake insurance certificates carrying names of firms that were not existing.
Smart said the group life insurance policy was also an aspect of insurance, which the government introduced to improve the lives of workers by ensuring that their dependents are compensated in the event of the demise of a breadwinner.
He said there was still a lot that the government could do to help the insurance sector in enforcing these laws.
The managing director said that NEM had huge prospects and potential and was working towards becoming one of the top three insurance companies in Nigeria.
“We have reengineered our operation and tried to differentiate our brand from others through our attitude and character and all these combined have differentiated us from other brands in the market,” he said.
He said the company was doing well in the provision of innovative products to the insuring public.
According to him, the firm will continue to develop the oil and gas business and deploy its resources in areas that will be of interest to NEM.