Uranta lauds NAICOM, operators’ efforts to revamp insurance industry

Efforts of the national Insurance Commission (NAICOM) and the commitment of Nigerian insurance operators to rejuvenate the industry are both yielding good fruits says Mr. Justus Uranta, Managing Director of Niger Insurance Plc

Uranta in a session with journalist in Lagos recently commended insurance operators and the commission for positively transforming the industry over the last three decades and more especially in the last four years under the leadership of Mr. Fola Daniel, Commissioner for Insurance.

He stated that the positive changes recorded by the industry over the years could be credited to the commitment of both the operators and the regulator in spite of the daunting challenges and apathy against insurance business in the country.

The Niger Insurance chief spoke during the 2011 Annual Management Retreat of the company said evidences of positive changes abound in the industry.

He said “In spite of the apathy for insurance by Nigerians for whatever reasons, the insurance industry has come a long way.  Things have changed positively in the last 30 years and those who have been around for sometime now would confirm this,” the seasoned insurance professional said. He said though with the global financial meltdown and its implications, the company will continue to boost staff morale, among other things while speaking on the performance of the company.

“Despite the global financial meltdown in the economy and the huge contributions made by the staff in actualising the objectives of the NEST agenda, management decided to increase the motivation level of the staff by approving the promotion of 128 staff. He also hinted that Niger Insurance has commenced moves to ensure that majority of the Nigerian populace change their attitude towards the insurance industry and start embracing insurance as a way of life.

Uranta lamented that a large number of people in the country are yet to embrace the culture of insurance, saying: “Niger Insurance has been embarking on branch expansion drive because we are conscious of people’s apathy towards insurance.
People have not really embraced insurance as expected. We have, therefore, resolved to take insurance to their doorsteps to make people embrace the insurance culture.”

The Niger Insurance boss noted that the company has opened two additional regional offices in Sokoto and Yola, bringing its regional offices to six and also opened a new branch office in Lekki to bring to 45 the total number of its branches strategically located across the country.

He added that Niger Insurance took the bold step “to maintain prudent financial management in order to effectively meet customers’ needs nationwide and also, to position the firm for greater profitability, efficiency and effective service delivery in line with the NEST agenda.”

In spite of the global economic meltdown, he disclosed that Niger Insurance achieved premium income in excess of N7 billion in 2010, while the total claims it paid in line with its promise to pay all genuine claims promptly, amounted to N641 million during the year.

Having put strategies in place to improve on the fortunes of the underwriting company, the Niger Insurance boss informed that it has set a premium income target of N14 billion for the current year.