Insurers to pursue market discipline, oil & gas pool

The new leadership of the Nigerian Insurers’ Association (NIA) headed by Godwin Wiggle, has said the cardinal focus of the administration as the 21st chairman of the 40-year-old industry trade body would be the enforcement of market discipline, as well as other issues that tend to undermine the growth of the industry.

Issues of market discipline no doubt present a serious challenge that must be tackled for the sector to maximise its potential for growth.

Wiggle said his administration would ensure it fast-tracks the establishing of the oil and energy pool, as a necessary catalyst that would enable the industry exploit the opportunities available in the nation’s oil and gas sector.

Speaking during his investiture ceremony in Lagos, Wiggle noted that beyond strengthening the relationship between regulatory authorities and other trade bodies in the industry, he will enforce market discipline by encouraging peer review among member companies with a view to aligning the market practice with international best practices.

“We will sustain the current effort at addressing those laws that are militating against the growth of the market. The Companies Income Tax Amendment Act (CITA) 2007 amongst others readily comes to mind.

“We will increase the support for the Technical Committees of the Association with a view to realising their potential which will be harnessed for the achievement of the overall goals of the Associations,” Wiggle noted.

He said to sustain and improve on the good relationship that already exists with our regulator, NAICOM, NIA “will also reach out to other regulators in the financial services sector whose oversight functions impact on our business. We will strengthen the cordial relationship that exists with other arms of the industry such as NCRIB, ILAN, ARIAN, CIIN etc.

“The Association is appreciative of the efforts of NAICOM in promoting microinsurance to deepen insurance penetration in Nigeria. Our administration will take up the challenge by encouraging member companies to institute corporate structures that will ensure the success of the initiative.

Wiggle added: “I want to restate that the NIA has remained true to its legacy as an institution that exists to champion the cause of the insurance industry and we will ensure that the founders sense of purpose will be upheld by us at all times, Wiggle stated.”