Nigeria : Moving towards a stronger insurance sector

Aug 14, 2013

During a meeting with the National Association of Insurance Correspondents (NAICO) in Lagos, Gbenga Ogunko, executive director in charge of business development at Mutual Benefits Assurance explored avenues to strengthen the assurance sector in Nigeria.

During a meeting with the National Association of Insurance Correspondents (NAICO) in Lagos,
Gbenga Ogunko,
executive director in charge of business development at
Mutual Benefits Assurance explored avenues to strengthen the assurance sector in Nigeria.

He said insurers must work together and pool resources to be able to handle big businesses, in particular in the oil/gas and aviation sectors, who are for now insured by foreign companies.

"The nation's insurance industry would become stronger and contribute more significantly to the country's gross domestic product
if operators can come together to speak with one voice,
pool resources and rally round the regulator to drive the different reform programmes going on in the sector," he declared.

He
also noted this would allow operators to share the risks, making the sector healthier and leading to its development.

He
mentioned that the new "No Premium No Cover" policy
was starting to have a positive impact, reducing the industry’s liquidity problems.

He
also applauded the new NAICO policy
"Know Your Customer" (KYC), targeting money laundering activities.


ADNFCR-2976-ID-801625217-ADNFCR