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NIA boss upbeat on industry targets

Chairman of the Nigerian Insurers Association, Mr Wole Oshin says the industry goals he set for himself on assumption of office is being achieved.  He was reviewing his one year scorecard at the association’s annual general meeting in Lagos.

According to him, “I promised to reconcile all arms of the insurance industry, promote and improve relationship between the insurance industry and the government and regulator, improve income generating capacity of the association, empower and restructure the NIA secretariat and tackle obnoxious insurance laws” he recalled.

For him, considerable progress has been made on the direction of his promises. Therefore, he thanked colleagues for their support in making the pursuit of his agenda for the progress of the industry less arduous.

Oshin was confident that the goals will be reached with teamwork so that new heights could be attained in raising the profile of the industry.

The chairman cited the signing of the market agreement aimed at curbing unethical conduct in the market and disclosed that implementation will commence soon.  “As a way of promoting ethical conduct and enhancing market discipline in the industry, as well as enhancing industry standards, we initiated the insurance industry market agreement which has since been signed by all member companies.

Generally, Oshin sees the growth of the industry in the several compulsory insurances as well as the local content initiative in the oil and gas sectors.  However, he disclosed that NIA is working in collaboration with the industry regulator to stimulate enforcement of the relevant provisions.

The year also witnessed a smooth transfer of ECOWAS Brown Card from NICON Insurance to NIA. The Nigerian bureau will now be domiciled in NIA House. The transfer was necessitated by the privatisation of NICON which led to the acquisition of major stake in the government-owned corporation by private investors.


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