February 3, 2023

CIIN charges Staco Insurance to maintain sound risk assessment system

By Rosemary Iwunze

The Chartered Insurance Institute of Nigeria (CIIN) has urged the management of Staco Insurance Plc to ensure they have and maintain sound risk assessment system to protect their shareholders’ fund.

The Institute also urged the company to take a position on sound rating of businesses, as well as ensure there is no gap in their reinsurance programmes.

President of CIIN, Edwin Igbiti, gave the charge while speaking on “Insurance Contribution” at the firm’s management retreat in Lagos.

Igbiti noted that the management should ensure they meet regulatory requirements and ensure compliance on all their dealings.

This, he said, should include excellent customer relations; reflecting in prompt claims payment, delivery policy document, response to proposal and quotation, as well as prompt servicing of policyholders at all times.

The CIIN boss advised them to be up and doing so as not to be delisted from the Nigeria Stock Exchange, but rather attract and maintain big ticket transactions outside government businesses.

According to him, “Insurance Contribution’ can be said to mean the part played by insurance in bringing about a result or helping the growth and/or advancement of the country.

“This has many facets and each company has its own quota that makes up the contribution to the whole insurance space, which as at Year 2021 financials is at 0.88 per cent of the country’s GDP.

“Of this less than one per cent, Staco must ensure that it continues to improve on its outputs to be a positive force to be reckoned with in the insurance industry,” he said.