NAN-HE-15
Insurance
By Lucy Nwachukwu
Abuja, July, 12, 2017 (NAN) Mr Paul Ibe, the Head of Technical, Unity Capital Insurance says synergy among operators and stakeholders in the insurance sector is key to promoting growth and increasing penetration in the country.
Ibe, who said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja, noted that most fundamental in the factors hindering growth of the industry was low penetration of insurance business.
He said because the different sections of the industry had been fighting one another, it had become difficult to advance.
“First and foremost, all the arms of the industry, the Chartered Insurance Institute of Nigeria, brokers, underwriters, and all the various arms need to come together and have a focus.
“The moment we come together as an industry, even the penetration will become a simple thing,’’ he said.
Ibe said that the rate at which insurance policies were being sold had also posed a major challenge, adding that it had brought disparity and conflict among players.
According to him, there is the need for uniformed insurance rates across board by insurance brokers to enable insurance clients develop confidence in the sector.
“If it is the case, as you move from point A to B and C, you will get the same rate for a motor insurance for instance and that will engender uniformity of purpose.
“If we are able to come together, we can make a statement and we will be understood and we don’t have to explain ourselves,’’ Ibe said.
He in advanced countries, the situation was different as the insurance sector over there was more focused, and stressed the need for Nigeria to take a cue in the interest of both the operators and their clients.
“The moment we come together as one, we will be able to talk, create training, create manpower within ourselves and then move the industry forward,’ ’Ibe said. (NAN)
LCN/AO/EEE
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Edited by Ese E. Ekama