FG reiterates commitment to the growth of insurance sector

Report from Ministry of Finance, Abuja.

The Federal Government has reiterated its commitment to ensuring the growth and development of the insurance sector in line with the transformation agenda.

The Minister of State for Finance, Ambassador Bashir Yuguda made this known at a meeting with Chairmen of Steering Committees set up at the recent insurance summit hosted by the National Insurance Commission (NAICOM).  The Steering Committees, whose Chairmen are also chief executives of various insurance companies, were set up to articulate various issues that would bring viability to the insurance sector. 

The Minister said the vision of the Federal Government is to create jobs in various sectors, thus “the government will support all efforts at making the insurance sector very viable for the vision to be realized.”

Ambassador Yuguda said it has become imperative to create great awareness on insurance as a means of attracting investors and customers and advised the committee on awareness to redouble their effort in this regard.  He commended the committees for their work so far and urged them to make known to him any assistance they may need in the course of their assignment. 

Earlier, Chairmen of the various committees took turns to brief the Minister on the work done by their committees.  Mr. Wole Oshin, MD Custodian Insurance, in his presentation stressed the need to enhance the Nigerian Insurance Database to enable it capture the potentials of each area of insurance in the country. 

Also speaking, Mr. Val Ojumah, MD, FBN Insurance, said “to promote insurance education, professorial chairs should be created in tertiary institutions in the country”; while  Yetunde Ilori, CEO, MANSARD Insurance, on her part, said, “to make the insurance sector viable, there is need to revise existing laws to meet the challenges of the contemporary society.”