By Bankole Orimisan
Experts in the insurance industry have called on the government to create stronger regulatory policies and enforce existing ones to stimulate growth in the industry.
Despite the economic challenges, stakeholders are hopeful of huge growth opportunities this year.
Though, according to a few industry experts, looking at how the sector closed last year, it is expected that the issues and discussions that dominated last year would continue.
Yet, formulation and implementation of insurance policies, effective communication system, technology, innovative products, and services, as well as strategic partnerships, top the priorities of stakeholders in 2021.
The Managing Director at Law Union & Rock Insurance Plc, Adeduro Ademayowa, said the capital project in the 2021 budget, estimated at N3.85 trillion roughly about 30 per cent of the budget, is expected to generate economic activities. If all projects are insured, he said, they are capable of generating roughly N50 billion to N80 billion for the insurance industry.
Ademayowa said the events trailing the suspension of the recapitalisation of the industry were not unusual looking into history.
“NAICOM meant well for the industry, therefore the suspension isn’t a setback. The industry will rally to support the initiative to give insurance a good footing,” he said.
According to him, the expectations are not many but most have to do with operators rather than the regulator.
“We need to collaborate more to make the industry attractive to young ones and investors. Over competition is making us lose the essence of business,” he said.
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