Insurers, Financial Services Operators Charged to Play Catalysts Role In Economy

Ebere Nwoji 

New Chairman of Nigeria Insurers Association (NIA), Mr. Olusegun Omosehin, has called on insurance operators and those of other finance services sector of the economy to play the role of catalysts in protecting the future of Nigeria economy through support of innovations in the new business world the country found itself in order to deliver prosperity.

Omosehin, also urged the insurers to be deliberate in technological investment and innovations in order to leverage on the advantages to improve on accessibility, affordability, adequacy, awareness and availability of insurance products.

Omosehin, who spoke at his investiture ceremony as the 25th Chairman of NIA in Lagos said the insurers had the tools to do this noting that in the new business world thrown up by the COVID-19 pandemic and its like challenges, insurers’ roles were clearly defined but are yet to be occupied.

“By embracing the new and emerging world and the associated challenges, steer the ship of growth and innovation quickly to provide the buffer required for the economy to thrive not impending by clinging on to the past, ”he charged.

He challenged the insurers to remember that the change they sought for should begin with them as an industry.

He urged them to realise that the current challenges would require thinking different and extraneous to what created the current challenges.

“Our ability to self -regulate and be bold and courageous in enforcing our market conducts is vital , we must take our rightful place  amongst the pillars of economic growth and development in Nigeria”; Omosehin said.

He urged the insurers to take advantage of technology to design affordable and adequate insurance products and services and make such available to the right customers.

Speaking on the economy, the new NIA Chairman, noted that inflation was a global situation currently plaguing both developed and developing economies noting that even the U.S. had seen two consecutive quarters of economic contraction and that the volatility facing most countries due to the strengthening of U.S. dollar and other factors remain troubling.

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