Stakeholders in the financial sector have canvassed the need to grow the insurance and pension sectors.
They spoke at the annual conference of BusinessToday Communication Limited in Lagos with the theme, ‘Consumer satisfaction in deepening penetration in insurance and pension sectors’.
The Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, called on the Federal Government to increase budgetary allocations for insurance and pension to enhance growth in the two sectors.
While speaking on the theme, ‘Consumer satisfaction in deepening penetration in insurance and pension sectors’, Yusuf said, “The policy on compulsory insurance is an opportunity for the sector’s growth.
The President, Chartered Insurance Institute of Nigeria, Mr Edwin Igbiti, said there was need for the two sectors to do more in order to improve performance especially in the area of service delivery.
He said, “We are yet to be there. Check out our penetration rate and compare it with our peers in the market, you will realise the fact that we are lagging behind
If insurance and pension industries are not growing, the economy cannot grow therefore, insurance and pension must be catalysts for economic growth.”
In his goodwill message, the Special Guest of Honour, the Commissioner for Insurance and Chief Executive Officer, National Insurance Commission, Mr Sunday Thomas, commended the publisher of BusinessToday Communication Limited for organising the event.
Thomas who was who was represented at the occasion by the Director, Corporate Communications and Market Development, Mr Rasaq Salami, said while the media industry was saturated with publishers and new publications, the Publisher of BusinessToday Communication, Nkechi Naeche-Esezobo, still found her way because she carved a niche for herself by attracting the attention of her readers.
The Chairman of Boff & Company Insurance Brokers, Mr Babajide Olumide-Agbeja, who was the chairman of the occassion was represented by the Managing Director/Chief Executive Officer of the company, Mr Oreoluwa Olarinmoye.
He commended the organisers of the event for the theme of the conference, given the importance of customer satisfaction in the growth of the two sectors.
In her goodwill message, the Director-General of the Nigerian Insurers Association, Mrs Yetunde Ilori, who represented the Chairman of the Association, Mr Olusegun Omoshin, commended the management of BusinessToday Communication Limited for organising the event, and urged them to look into the future with enthusiasm to do more.