The Federal Government will soon release a new blueprint to reposition the country’s insurance industry, Minister of Finance, Mrs Kemi Adeosun has said.
The minister announced this at 38th Annual General Meeting and Education of West Africa Insurance Companies Association (WAICA) in Lagos on Monday.
Adeosun said the country’s Insurance Industry was part of the current government’s plan to diversify the economy.
She said that the new blueprint would change the face of the industry.
“As part of efforts to reposition the industry, and make it play a more critical role in the economy, government has inaugurated a Committee on the Review of the Insurance (Consolidated) bill.
“This committee is expected to submit its findings soon for proper action to be taken,” she said.
She, called on insurers to support the committee to achieve growth for the industry.
Adeosun also said that government would also support the industry to fill its capacity gap.
“And not too long from now, its contribution in Gross Domestic Product (GDP) which presently is lower than one per cent would increase,” she said.
She also reiterated government’s commitment to restructure the economy through diversification and development.
Adeosun was represented by Mrs Patience Oniha, a Director in the Ministry.
Earlier, the Commissioner for Insurance and Executive Secretary, National Insurance Commission (NAICOM), Mr Mohammed Kari said though the future of the sector was hard to predict, there was need to be prepared at all times.
He said insurers were faced with the challenges of new businesses, changing laws and regulation among others.
He, however, said that notwithstanding these challenges, there was enough potential for positive growth of the insurance sector in West Africa.
“However, these growths would be achieved given the collaborative efforts of the players, regulators and governments in the regions.
“The potentials I see are not limited to some prospective demands for insurance products but for the operator’s collective efforts to address common issues that were hitherto seen as individual’s problems,” he said.
The President of WAICA, Mr Ivan Avereyireh in his opening speech called for collaboration between West African supervisory Authority (WAISA) and WAICA for the development of member countries economy,
“At WAICA, we believe there should be a close collaboration between WAISA, an institution of regulators, and WAICA an institution of the regulated.
“This would create a platform where ideas are cross fertilised at sub-regional levels for the development of our individual economies and the sub- region at large,” he said.
Avereyireh also said that the association had received a proposal for the drawing up of a five-year strategic plan for WAICA.
“This proposal is with the strategic committee who are working on it and I believe a good strategic plan, if well implemented, will add immensely to our constitution,” he said.
The conference has as its theme, “The Practice of Insurance in a Challenged Economy.”
WAICA was established in 1973 for the development of insurance across borders.
Members are drawn from Nigeria, Ghana, Sierra-Leone, Liberia and Gambia.