ByÂ Ifeanyi Ugwuadu
Against the backgroundÂ Â of the capital market crash and renewed investor interest in insurance, expectations have soared in readiness for the annual release of the industry report by Nigerian Insurers Association, the dominant association of underwriters in the country.
The association hold its annual general meeting in a weekâ€™s time in Lagos.Â At the occasion, the body will release the 2008 industry performance and related statistics concerning the insurance sector such as the gross premium and total claims paid by the industry.
According to the Director_General of the Association, Mr. Ezekiel Chiejina â€œThe NIA AGM is an event the whole nation looks forward to because we use the forum to release the industry performance.Â This yearâ€™s AGM is particularly unique because all eyes are on the insurance sector especiallyÂ as 2008 is the first full year of operation after the recapitalization exercise coupled with the fact that the economic meltdown has serious effects on the economy generallyâ€.
The event will also provide the opportunity for the presentation of the report of the activities of the Governing Council over the past one year, while members will equally consider the Associationâ€™s Audited Account, and appoint External Auditors for the ensuing year.
â€œThe Association is fully prepared and we want all stakeholders to attend this yearâ€™s Annual General Meeting because the insurance sector is on the threshold of an even greater performanceâ€.Â Mr. Chiejina enthused.Another major activity at the AGM will be elections into the Governing Council to fill the six vacancies created by some retiring members.
Members of the Council who have served their mandatory two_year tenure but are eligible for reelection include Mr Godwin Wiggle, Managing Director, CEO, Linkage Assurance Plc; Mr Fatai Lawal, Managing Director, CEO, Sterling Assurance Co. Ltd and Sakiru Oyefeso, Managing Director, CEO, STACO Insurance Plc.
Three vacant positions were created by the exit of Chief Theo_Egesi Eke, former Managing Director/CEO, Union Assurance Company Limited, Mr. A. A. Falade, former Managing Director/CEO, SpringLife Assurance Company Ltd, and Mr. Daniel O. Okehi, former Managing Director of Insurance PHB Ltd
Already, some interested chief executive officers of member companies of the association have started obtaining the nomination forms from the secretariat.