By ROSEMARY ONUOHA
President Goodluck Jonathan has said his administration is aware that insurance is an essential ingredient of economic growth and development of any country and will support the insurance sector in Nigeria.
Jonathan who said this on the occasion of his decoration as grand patron of West African Insurance Institute (WAII) last week said that without insurance, companies and individuals would not be able to manage risk; the world would be a far less innovative place and many of the activities people and government take for granted could be prohibitively risky.
He said “So we value insurance, more so the Nigeria insurance industry has been making useful contributions to our economic life.”
The President said that one of the major lessons of the economic turmoil in the recent past is the need for transparent, efficient and neutral government regulation of the financial services sector. “We believe that this is the right platform upon which accessible, robust and dynamic markets for financial products are built. This administration clearly understands and recognizes this fact and has actually embarked on policies designed towards achieving growth and development in the insurance industry in the country,” he said.
“This is evident under the Group Life Insurance Policy where the federal government has provided the lead by ensuring that its entire employees are fully insured. In the same light, Government has also ensured adequate insurance of its assets and property. In line with our transformation agenda, a key driver of the current reforms in the insurance sub-sector of the Nigerian economy is the desire to grow and develop the micro-insurance and Takaful markets. It is the hope of this administration that the drive will engender the desired growth and market penetration.”
“Suffice to say that the on-going reforms in our insurance sector are aimed at creating a world-class regime for insurers and provide significantly enhanced protection for Nigerian policyholders.”
“Within the purview of Vision 20:2020, government envisions an economy that will rank among the twenty largest in the world by the year 2020 and insurance is a veritable growth driver. It is on this premise that this administration has continued to show adequate support to the National Insurance Commission (NAICOM), the industry regulatory body in its drive to develop the insurance market and deepen penetration,” the President said.