Insurance experts seek government’s support to fast-track growth

By Bankole Orimisan

 Governments at all levels have been urged to support and patronise the industry to achieve its objective, support the nation’s economy, ensure returns on investments.

This Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, made the call at the 2020 National Conference of the National Association of Insurance and Pension, with the theme ‘Promoting Bankable Investments Portfolio for Insurance and Pension Sectors’ held in Lagos.

He said the industry can achieve adequate return on investment and capital adequacy ratio through support and patronage of the Nigerian insurance industry by government at all levels.

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He said the industry requires commitment and dedication from all to achieve growth and profitability. Ogunbiyi who was the association’s website chief launder, said financial assets such as debt, equity instruments, money market and equity funds are returning low yields, adding that as a result of the prevailing climate, capital yields are not as high as before.

The Chairman, Nigeria Social Insurance Trust Fund, (NSITF), Austin Enajemo-Isere, who spoke to The Guardian, shortly after the event stressed the need to consider alternative strategies to rejig the economy for survival and growth.

He also called for the review of the Pension Reform Act (PRA) to enable those in the Real sectors of the economy to have access to insurance and pension funds to finance their operations.

The NSITF boss identified the effects of the ravaging COVID-19 pandemic and wanton destruction of properties during the ‘#EndSARS protests on the economy. He said these have impacted to a great extent.