Insurance professionals have identified growth opportunities in the Nigerian insurance market and how the sector could impact on the overall economy if these opportunities are unlocked.
This they said range from favourable demography supported by emerging middle class, rising unban population as well as growing infrastructure , which are capable of leapfrogging the sectors growth where it can make meaningful contribution to the GDP.
The professionals who gathered in Abeokuta, Ogun State at the 2015 Insurance Professional Forum organised by Chartered Insurance Institute of Nigeria, CIIN harped on the need to bring professionalism in every aspect of the industry operation to build consumer confidence.
Speaking on the theme “The Nigerian Business Environment: Implications for the Insurance Industry”, Isioma Chukwuma, president, CIIN said the drive to reposition the insurance industry and to reinforce the integrity of the profession can only be achieved by both individual and collective commitments to the ideals of ethical and professional best practices.
She said the CIIN is re-launching the Code of Ethics for insurance professionals and this is aimed at maintaining and developing professional competence and setting out the values that describe obligations as insurers.
On disciplinary procedures as contained in the Institute’s enabling Law, Chukwuma observed that this is to awaken members and encourage them to report cases of professional misconduct to the Institute. Wole Oshin, group managing director, Custodian & Allied plc speaking on “Opportunities and Returns in the Nigerian Business Environment” said the Nigeria’s insurance industry will remain largely driven by the country’s rich demography given the population of 170 million at an estimated growth rate of 2.54 percent per year, a median age of 17.9 years, rising urban population and emerging middle-class, as well as rising literacy level.
Musa speaking on the topic “Success Factors for Market Expansion and Penetration Strategies” said the industry have the capacity to generate N1 trillion in three years supported by EFInA, 2014 report that says 14.3 million adult population in Nigeria would like to have insurance products.
He noted that what it requires is market discipline, innovation, public awareness on products and claims settlement.
According to him, increase in micro-insurance penetration in new segments such as Agriculture can go a long way to boost the industry penetration in the grassroot, while noting that introduction of Takaful insurance, Islamic-compliant insurance to rural parts of the country will further deepen insurance penetration in the country.
Earlier, the Commissioner for Insurance, Mohammed Kari said the changing Nigerian business environment offers insurance industry the opportunity to re-adjust its governance, portfolio management, operational structures and leverage on regulatory direction of the NAICOM.
Kari stated that the industry certainly could not achieve the success it craves, especially from the deliverables of the Summit and the Conference recently held, in an atmosphere of distrust, chaos, unprofessionalism and suspense without unity of purpose.

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