12th May, 2022
The Federal Government and Lagos State Governor, Mr. Babajide Sanwo-Olu have appealed to insurance companies to pay verified claims promptly to restore confidence in the industry and further entrench the culture of insurance among Nigerians.
They spoke at the 50th year anniversary of the Nigeria Insurers Association (NIA) and unveiling of Insurers House in Victoria Island, Lagos.
They said they would continue to support the industry to drive economic growth.
Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, who was represented by the Permanent Secretary in the Ministry, Mr Aliyu Ahmed, highlighted the efforts of the current administration towards ensuring the growth of the industry.
According to her, the consolidated insurance bill currently before the National Assembly would redefine insurance business and meet stakeholders’ expectations when signed into law
Ahmed said “If as a government we are doing everything to ensure and entrench insurance and prevail on MDAs to take out insurance and preach to the insuring public to ensure that they take on insurance , then we will expect that genuine and verifiable claims are paid promptly , this will engender trust in the sector.’’
Speaking, Sanwo-Olu, who was represented by his Commissioner for Finance, Dr. Rabiu Olowo congratulated the NIA on the milestone, noting that the body had lived up to expectations by maintaining standards in the industry.
He urged the association to do more to sustain the momentum of growth, creativity and innovation recorded in the past 50 years.
NIA Chairman, Mr Ganiyu Musa urged the federal and state governments to continue to support the industry through the enactment of policies that would ensure level playing fields for all players.
Musa also assured the insuring public that the Nigerian Insurers Association would always stand by its commitment to them.
On her part, the Director-General of the Nigerian Insurers Association, Mrs Yetunde Ilori described the golden jubilee and the unveiling of the seven-storey insurance House as a consolidation of the achievements of the body in the past years and indication of greater success in the future.
Awards of recognition were presented to the federal and state governments as well as corporate bodies and individuals who have contributed to the growth of the Insurance sector in the past 50 years.