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Operator charges colleague on MIDRI

By on April 6, 2011

As part of measure to cushion the effect of global economic recession which has ravaged global economies for the past few years, an insurance expert and Managing Director, Great Nigeria Insurance Plc (GNI), Mrs Cecilia Osipitan has enjoined other operators to throw weight behind the Market Development and Restructuring Initiative (MDRI).

Mrs Osipitan explained that MDRI, the National Insurance Commission’s (NAICOM) recent initiatives should be embraced by all stakeholders to drive insurance awareness to the grassroots which according to her, would enhance the industry balance sheet.

According to her, it has become clear that the global recession that has ravaged global economies, insurance inclusive has clearly stunted growth and development of insurance in Nigeria generally.

“This ripple effect has and is permeating the entire industry. Several remedial actions are being taken to improve the economy of nations across the world. The regulatory authority, NAICOM and the umbrella body, Nigeria Insurers Association (NIA) had however assured stakeholders that the sector was healthy.

Quoting the Commissioner for Insurance, Mr Fola Daniel, Mrs Osipitan said, “the step taken to save the financial service sector by the Central Bank of Nigeria (CBN) was a welcome development. The reform in the sector is a continuum. For those expecting the insurance regulator to mimic the CBN’s action, I reiterate that no medicine is an all-time cure to all diseases.

“It is, however, instructive to say that NAICOM will continue to deal decisively with any observed aberration and lapses in the sector. We have a programme of continuous supervision and that will ensure that before an issue manifests into threatening problem, we would have taken appropriate regulatory actions to protect policy holders and stakeholders”.

Mrs Osipitan enjoined insurance operators and all other stakeholders to fashion out workable strategies in 2011 that would ensure that the industry remain profitable and continued to contribute positively in the development of the nation’s economies, “while also justifying our regulator’s confidence.

Source : Tribune