Lagos – The President of Insurance Industry Consultative Council (IICC), Mr Bola Temowo, on Tuesday pledged the support of the sector for Muhammadu Buhari’s administration.[pro_ad_display_adzone id=”10″]
Temowo made the pledge at the 2015 Maiden Insurance Mega Conference in Abuja.
According to Temowo, the practitioners’ support stemmed from the commitment of the President toward speedy revamping of the economy and the polity.
“The old and unpopular ills which have continued to plague our nation ought to give way to a new order for a national rebirth.
“As an industry, we pledge our support for and participation in the change process which we believe ought to be pervading and total” he said.
He said the insurance industry on its part would take its role of risk management to higher levels.
“The insurance industry is poised, more than before, to play its role in the provision of risk management expertise especially in the increased volatility of our environment.
” The continuous education of our members will continue to receive priority attention in order to equip them adequately for the challenging roles of insuring the nation and its citizenry” he said
He urged federal government to develop more friendly regulation that would attract Nigerians to insurance.
“Insurance regulation in Nigeria has been significantly strengthened in the past two decades, primarily as a result of the dictates of the international financial environment.
“Now, Nigeria has a high level of rural population, a good proportion of whom are either illiterate or with low level of basic education.
“Consequently, the local insurance industry continues to grapple with the risks of potential abuse, low level of awareness, poor market penetration, low operating capital and retention capacity.
” We canvassed for Federal Government support in this area, he said.
The News Agency of Nigeria (NAN) reports the conference was organised by IICC with the theme “Developing Insurance Business for National Growth.”
ICC council’s members are the Chartered Insurance Institute of Nigeria (CIIN), Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB) and Institute of Loss Adjusters of Nigeria (ILAN)
About 3,000 delegates are participating in the conference (NAN)