By Olasunkanmi Akoni

The Federal Government and the Lagos State Governor, Mr. Babajide Sanwo-Olu, have appealed to insurance companies to ensure prompt payment of verified claims to restore confidence in the industry as well as entrench the culture of insurance among Nigerians.

However, they said they will continue to support the industry to drive economic growth.

Speaking at the 50th year anniversary of the Nigeria Insurers Association, NIA, the Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, who was represented by the Permanent Secretary in the Ministry, Mr Aliyu Ahmed, said that the consolidated insurance bill currently before the National Assembly would redefine insurance business and meet stakeholders’ expectations when signed into law.

Ahmed said, ‘’If as a government we are doing everything to ensure and entrench insurance and prevail on MDAs to take insurance and   preach to the insuring public to ensure that they take on insurance , then we will expect that genuine   and verifiable claims are paid promptly as this will engender trust in the sector.”

Sanwo-Olu, who was represented by his Commissioner for Finance, Dr Rabiu Olowo, congratulated the NIA on the milestone, noting that the body had lived up to expectations by maintaining standards in the industry and urged the association to do more to sustain the momentum of growth, creativity and innovation recorded in the past 50 years.

Also, the NIA Chairman, Mr. Ganiyu Musa, urged FG and state governments to continue to support the industry through the enactment of policies that would ensure level playing fields for all players.

The Director-General of the Nigerian Insurers Association, Mrs Yetunde Ilori, described the golden jubilee and the unveiling of the seven storey Insurance House as a consolidation of the achievements of the body in the past years and indication of greater success in the future.

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