Abuja (WorldStage Newsonline)—The Federal government of Nigeria on Thursday challenged insurance operators in the country to come up with new strategies of doing business in the country.
The challenge was given in Abuja by the Minister of State For Finance, Dr. Yerima Lawan Ngama, at the yearly Annual Education Conference of the Chartered Insurance Institute of Nigeria,(CIIN), with the theme: 'New Tunes for Lean Times'
The minister who was represented by the Commissioner for Insurance, Mr. Fola Daniel said the new global financial economy is very dynamic and always changing, adding that individuals and business must continue to do 360 degree check on their business model to ascertain their relevance to current economic situations.
He noted that insurance practitioners must be able to choose where exactly they want to belong.
According to him, “As insurers, the onus is really on you to determine what new tunes you must play in the emerging scenario. You must re-examine yourself and ask these questions; “Have we been able to reposition our industry for effective participation in the transformation agenda of government, especially with the emergency boost in the agricultural sector?
"Have you girded your loins to provide the requisite insurance cover for the Nigerian population whose lives and property are continually at risk under the emerging threats of terrorism and kidnapping?"
He urged them to adopt new measures for effective discharge of its role and responsibility as a risk bearers especially in the face of lean resources.
He noted that government through the National Insurance Commission (NAICOM),will continue to lead the industry in the part of development as a means of reducing insurance gap and deepening acceptance of insurance as a means of managing our risks.
He urged them to also take opportunities available in the oil and gas, Agriculture, Aviation insurance and also urged the CIIN to include these types of risk in their school curriculum.
In a welcome address, the President of the Institute, Dr. Wole Adetimehin, noted that the theme of the Conference was chosen due to the current situation in the country and also to bring industry players together to tackle latest risk issues in the country.
The CIIN boss who applauded the efforts of the Federal Government in tackling the insecurity situation in the country, called on all those involved to exercise patience.
Presenting the theme paper, Dr. Christopher Kolade, said that good leadership should be critical at all levels, adding that the current lean and times had been in existence for a long time and a good strategy must be put in place to seriously tackle it.
He further called on insurance operators to find out the current needs of the people and see if the available insurance products had been able to meet them.
He also called for a need to revisit the vision and mission of insurance companies and see if they match the current time situation.