Stakeholders in the insurance industry have called on the new leadership of the Nigeria Insurers Association (NIA) to deploy the principle of self-regulation on claims settlement to redeem the image of the sector.
The Commissioner for Insurance, Sunday Thomas, at the investiture of the 25th chairman of NIA, urged insurance professionals to act professionally, adding that failure to observe the tenet in the past had caused the industry so much injury.
“The time has, indeed, come for us to speak professionally and act like the true insurance professionals we claim to be in the course of performing or conducting our business.
“Our failure to observe this tenet in the past has caused the industry so much reputation injury. I am glad to say the current efforts of the underwriters to change the perception of the public about insurance are timely and laudable. All other sectors should join in with their widow’s might to ensure the success of the project,” he said.
According to him, the industry is beginning to experience improvement in terms of patronage and claims payout. He said the perception of the industry by the public is still not what it should be.
He, therefore, charged insurance operators to ensure proper communication in engaging the commission through available bilateral windows for the industry to realise the objective.
Reacting, the outgoing Chairman of NIA, Mr. Ganiu Musa, charged the new president to be strong and focused, even in the face of glaring economic hardship. He pledged the readiness of the NIA to cooperate with the insurance brokers’ body to reenergise the Joint Technical Committee, noting that no effort should be spared in exchanging information to make the industry vibrant and contribute to the national economy.
The new chairman, Olusegun Omosehin, in his acceptance, promised to work closely with other stakeholders to maximise the benefits derivable from the provisions of the Insurance Act 2003 and other related legislations.