WAICA commends Nigeria on ‘No Premium No Cover’
The Outgoing President, West African Insurance Companies Association (WAICA) Mr. Ivan Avereyireh, has commended Nigeria for implementing No Premium No Cover’, a policy that facilitates rapid premium generation.
Avereyireh described the policy which was first introduced by the National Insurance Commission (NAICOM) into the Nigerian insurance industry, as good development that have assisted in rapid growth in premium generation across the countries in West Africa.
Addressing member companies at the ongoing 38th Annual General Meeting (AGM) and Education Conference of the West African Insurance Companies Association (WAICA), Avereyireh who doubles as the President of Ghana Insurers Association, and the managing director/CEO, Ghana Life Assurance Co. Ltd, stated that Nigeria initiative to insurance industry in the sub region, has set a good example which Ghana and the Gambia have followed, noting that the initiative is generating positive response from the people.
Stating that WAICA intends to get insurance into the curriculum of secondary schools and tertiary institutions across the countries in the region, he added that this will enhance the people’s understanding of insurance, thus, relieve practitioners of some stress they pass through in the course of marketing insurance products and services.
“Let us no rest on our oars until we bring insurance to people in all the nooks and crannies of our region. The poor needs to be inculcated into buying insurance products and services and Micro insurance and Takaful insurance will assist a lot in achieving this,” he pointed out.
The Vice President, WAICA, Mr. Rotimi Fashola, said the industry can only be better, in as much as operators in the region act as one, putting measures in place to drive insurance growth across the region, saying he was optimistic about the future. “The industry has scope for growth. Though, there could be challenges now, but I am optimistic about the future,” he stated.