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Insurers To Develop 10-year Roadmap For Insurance Industry

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With insurance industry performing below expectations, suffering negative public perception and low patronage, underwriting firms have united, through the Nigerian Insurers Association (NIA) to develop a 10-year transformational roadmap for the insurance industry.

Already, the roadmap, together with similar works by other arms of the industry, is undergoing harmonisation under the auspices of the Insurers Committee. To this end, insurance brokers, agents, loss adjusters, among others, LEADERSHIP learnt, will also key into the initiative that will drive insurance sector forward in the next 10 years.

The roadmap, according to findings, was meant to reshape the insurance sector by improving its contribution to Gross Domestic Product (GDP), enhance its profitability as well as deepen insurance penetration in the country. When the roadmap becomes effective, it will correct the negative perception of Nigerians about insurance products and services.

Speaking during a press briefing at the new temporary office of NIA situated along Ikorodu road, Obanikoro, Lagos, the Chairman of NIA, Mr. Eddie Efekoha, disclosed that the association is working with KPMG to develop the roadmap, believing that the implementation of this plan, when concluded soon, would bring about the much-awaited growth to insurance industry.

Similar to this project is the insurance rebranding project, which, he said, all hands are on deck to ensure that this initiative comes to fruition. Speaking on the new NIA House project, which led to the movement of the association headquarter from Saka Tinubu, V/I to Ikorodu road, Efekoha said, the journey which commenced about three years ago, aimed at building a befitting NIA Towers, is about to crystalise.

For the proposed tower to come up, he said, the association will have to demolish its old building on its land at Saka Tinubu, stating that insurance firms have contributed towards the new NIA house project.

“We are in this new office location (Ikorodu road, Obanikoro) of our association because in no distant time, the project will commence. I want to commend member-companies for their faith in me and the secretariat as evidenced by the massive support we have received in the course of soliciting for funds for the project,” he said.

When completed, he said, the tower will have seven floors with two banking floors.



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