By Ifeanyi Ugwuadu
Nigeriaâ€™s life insurance companies will this week begin discussion on the challenges and opportunities which the global financial meltdown presents to the market and ways to chart a new course for both policyholders and underwriters.
Holding under the aegis of the Life Offices Committee (LOC), the technical arm of the Nigerian Insurers Association, life market will converge at the ancient city of Ota, Ogun state, to brainstorm on how to use Life assurance as an investment strategy, especially during this period of global economic crisis.
The dialogue coinciding with the 2009 annual educational conference tagged; Life Assurance As a Viable Investment Option in an Economic Meltdown will feature four papers from respected insurance technicians and experts.
The first paper onÂ the central theme: Life Insurance As An Investment Tool In A Depressed Economy, will be presented by renowned actuary, Mr. Rotimi Okpaise.
Mr Sunday Thomas, a director at the National Insurance Commission will handle the second paper on: Sustaining Your Income at Retirement with an Annuity Plan.
The final dayâ€™s presenter, Mr. A. A. Falade, former Managing Director/CEO of Guardian Express Assurance Co. Ltd will speak on Administration of Life Assurance Funds while the last topic: Electronic Marketing and Servicing of Life Assurance Products, Cost, Benefit and Challenge will be handled by Mr. Femi Adeniyi.
According to the chairperson of the Committee, Mrs. Yetunde Ilori, the 2-day seminar is the Committeeâ€™s contribution to the growth and development of life insurance business in Nigeria.
â€œIt is also aimed at sensitizing the operators of the business opportunities available to them in spite of the crippling effects of the global financial crisis.
We need to re-orientate ourselves and look beyond the ordinary because this period of economic uncertainty is when life insurance business should thrive most as people have to plan for the unexpectedâ€ she added.