NIA Chairman urges insurers, others to work as catalyst delivering prosperity to Nigerians

Mr. Olusegun Omosehin, the new Chairman of the Nigeria Insurers’ Association yesterday (NIA) has called on all Insurers, together with other counterparts in the financial services sector, to be the catalyst that serve as the guard-rails protecting the delivery of the future of Nigeria by supporting the innovative process in this new and changing world so as to deliver prosperity to Nigerians.

Omosehin emphasis that operators in the insurance industry have the tools to succeed in this regard. According to him, ‘‘the dreams of innovators, of parents for their children, of aspiring businessmen seeking to change their world around them cannot continue to be truncated permanently by forces both known and/or unknown.

‘‘Our role therefore as insurers is to remains clearly defined and yet to be fully occupied. By embracing the new and emerging world and the associated challenges, steer the ship of growth and innovation quickly to provide the buffer required for the economy to thrive, and not impeding it by clinging on to the past.’’

The NIA Chairman who was speaking during the course of his investiture ceremony in Lagos urged insurers to remember that the change the industry seek must start with insurers as an industry. ‘‘Resolving the current challenges will require thinking different and to what created these current challenges in the first place. Our ability to self-regulate and be bold and courageous in enforcing our market conducts is vital if we must take our rightful place amongst the pillars of economic growth and development in Nigeria.’’

He further urged members to understand the importance of protecting the collective dreams and aspirations of industry members and positioning appropriately to earn the trust of our nation. He however acknowledged that lot of work has been done in this regard by successive leadership of the Association leading to national recognition for insurance industry, but adding that much more is still required to be done,

Under this broad theme of his presentation he stated that he would focus on the following four (4) key strategic areas: ‘‘Market Discipline, Market Development & Respect for Market Agreements
Insurance Awareness & Partnership with the Media, Human Capacity Building and Leverage Technology, Digital & Innovation
‘’Let me assure our regulator, NAICOM, that we shall work closely with them in all areas, particularly in unpacking solutions that works for a developing market like Nigeria and in ensuring compliance with all extant regulations that will promote the growth and development of our industry.

‘‘I promise to work closely with other stakeholders including the government to maximize the benefits derivable from the provisions of the Insurance Act 2003 and other related legislations. We invite other trade groups to join hands with the NIA for us to have a coordinated approach to resolving issues, ’he concluded