Communiqué issued at the International Insurance Conference 2010 held on Wednesday, 5th May 2010 at the Agip Recital Hall, the Muson Centre, Onikan, Lagos. Nigeria.
Following the global economic crisis and subsequent recovery policies being adopted by various jurisdictions and sectors, it has become imperative that the Nigeria Insurance Sector comes up with strategies that will enhance quick resuscitation of the Sector.
The one day Conference organized by the Nigerian Insurers Association (NIA) with the theme: “Revitalizing Insurance Business Towards Achieving Sustainable National Economic Growth” is intended to achieve the following objectives:
- To evolve strategies towards enhancing insurance premium income
- To deepen insurance penetration and density in Nigeria
- To create awareness about the importance of insurance
- To take insurance closer to the government
- To reposition insurers towards meeting global competition.
The successful hosting of the Conference culminated into the following resolutions:
- The Nigerian Insurance Industry should develop an internal Comprehensive Reform Package, and coordinate efforts to drive the FSS 2020 goals/targets.
- The Nigerian Insurers Association should ensure that all her members abide with NAICOM’s Corporate Governance including Rules on Separation of powers and authorities within their individual companies.
- That the various stakeholders in the industry should work harmoniously in creating awareness, deepening the penetration of insurance and generally stimulate growth and development of the industry;
- There is need to bridge the skills gap through intensive Human Capital development and advancement;
- That there are opportunities accruing from the Local Content Policy and the industry should evolve mechanisms to maximize the benefits;
- The Nigerian Insurance Industry should consider the prevailing economic environment, the people and culture in developing products/services that will be relevant in the value chain of the economy;
- The industry should resolve to create more distribution channels for the marketing of insurance products in Nigeria;
- The insurance industry should encourage claims payments to earn consumer confidence in the industry;
- Considering the relevance of effective distribution channels in product delivery, a deliberate strategy to expand and enhance product distribution mechanisms should be developed;
- Efficient service delivery is a requirement for consumer satisfaction and retention; this should be encouraged especially in prompt settlement of claims;
- The development of micro-insurance products and distribution should be seen as an essential requirement for growing the insurance industry. It is therefore necessary that required assistance be sought for its effective implementation;
- NAICOM should move its regulatory platform towards a risk based recapitalization regime.