The need to promote  insurance penetration took the centre stage yesterday in Lagos  as experts urged insurance companies across West African region to embark on initiatives and innovations that would deepen the business in the whole of African Continent.

Experts  who spoke at the ongoing 38th Annual General Meeting (AGM) and Education Conference of the West African Insurance Companies Association (WAICA)  noted that though insurance industry might be currently plagued with some challenges, it has prospects to be hopeful of a brighter future.
Delivering a keynote address at the event, the Nigeria’s Minister for Finance, Mrs. Kemi Adeosun, said Nigeria is one of the countries currently recording low insurance penetration, as most Nigerians do not value insurance cover as means of risk mitigation.Kemi-Adeosun-speaks
Adeosun, who was represented by Director, Efficiency Unit in the Ministry, said the Federal Government understands the challenges confronting the patronage of insurance products and services in the country, noting that, that was the reason why the government through her ministry, inaugurated a committee comprising of all arms in insurance industry in February, this year.
She was optimistic that the committee would come up with perfect Consolidated Insurance Bill that will drive the industry forward.
“The Government is trying all it could to address the poor performance of insurance in the country through several initiative’ and we hope the Consolidated Insurance Bill will address some of these challenges, she stressed.
While charging regulators in the region to create appropriate frameworks and inventions to attract insurance investors into the region, this, she added, would lead to rapid growth, patronage and profitability of West African insurance market.
To her, ” there is urgent need for collaboration among regulators to share informations about underwriting firms within the region to curb unethical practices, money laundering, terrorism, among others.”
An insurance Veteran, Professor Joe Irukwu, on his part, stated that the industry has witnessed tremendous growth in the last three decades, calling on the current practitioners to imbibe the ethics of professionalism, while hoping for more collaborations among companies in the region to increase insurance education and acceptance.
Commissioner for Insurance, Alhaji Mohammed Kari, while believing the industry is on the right path to growth, noted that insurance remains a key component of economic growth and development.
By SuperNewsng