Mr. Wole Oshin, Managing Director of Custodian & Allied Insurance Plc has called on government to include the insurance industry in the process of planning, lamenting that a situation where budgets are discussed and insurance industry is not even invited means that government does not understand the importance of insurance.
In his words “Our fundamental and primary objective as a profession or as an industry which is the stabilizer of any economy, is producing savings and stabilizing the risk of government. But government has not looked at it at all because if they understand it then they will pay attention to insurance.
He stated “Abroad especially in America and the UK, you can’t do anything without the insurance industry. Their governments cannot even make policies without insurance, they will be thinking of insurance.
What is threatening Obaama now is health insurance. But it is not in the centre stage here and that is the critical thing. But I do commend the commissioner for insurance because he has actually brought insurance from obscurity to at least a level but we are not there yet.”