NIA courts relevant stakeholders to maximize benefits of insurance

New leadership of the Nigerian Insurers Association (NIA) is breaking new barriers to court relevant stakeholders that will enable the industry maximize the benefits of insurance to national economy.

The industry trade group led by Ganiyu Musa, 24th chairman of the NIA said it is engaging the National Assembly, National Insurance Commission (NAICOM), National Pension Commission (PenCom), Trade Groups and other relevant government agencies to work together with the industry to unlock potentials of the sector.

Part of the area of concentration is to see the Consolidated Insurance Industry Bill come to reality, smooth transition to IFRS 17, as well as strengthen ethical standard of the profession.

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Giving his acceptance speech at his investiture held in Lagos, Musa, who is also the group managing director/CEO, Cornerstone Insurance Plc said the association is inviting other trade groups to join hands with NIA to have a coordinated approach to resolving issues rather than working at cross purposes.

Ganiyu stated that in the coming months, the focus of his administration will be to win support and respect from all stakeholders in the Nigerian economy, particularly the executive and legislative arms of government.

He also plans working with his predecessors in office to move the association to the next level.

He also seeks to improve relationship between NIA and its regulatory agencies, including National Insurance Commission (NAICOM) Central Bank of Nigeria (CBN) Security and Exchange Commission (SEC) and National Pension Commission (PenCom).

Others includes collaboration with other bodies in the trade industry to deepen insurance penetration in Nigeria; promote ethical standards amongst NIA member companies and larger insurance industry to earn the respect the association deserves; as well as work with all stakeholders to address all restrictive laws on insurance practice.

Ganiyu said the association will work with its partners such as GIZ and the Financial Inclusion Secretariat to ensure greater insurance awareness and penetration; also work with NAICOM to achieve seamless migration to IFRS 17.

Musa maintained that the list of what he hopes to achieve is not exhaustive, adding that his administration would look inwards to take advantage of the untapped potential demand for insurance in Nigeria, stressing that this would engender relevance of insurance business to the growth of the nation.

As part of earning respect from stakeholders, the NIA recently announced the expulsion of Industrial and General Insurance Limited; Niger Insurance Plc and Standard Alliance Insurance Plc for failing to meet obligations to policyholders.

The firms were asked to cease forthwith from using the NIA logo on their letterheads and other official documents.

Commissioner for Insurance, Sunday Thomas, at the investiture implored the NIA to work hard in ensuring its members live up to their claims responsibilities.