Sector positions for economic diversification, infrastructure development

Determined to key into the present administrations focus on economic diversification and infrastructure development, the insurance industry is strategizing to not only assist government achieve the set objectives but also to play its role as risk managers.

They anticipate that if government keeps to its promise of expanding the economy, insurance industry as a catalyst for economic growth will have an important role to play.

To this end, Insurance Industry Consultative Council, a body of all arms of the industry is putting together the 2016 National Insurance Conference with the theme “Expanding National Resources and Infrastructure in Challenging Times”. The event slated to hold between July 10 and 13 in Abuja will provide a common platform to interact with consumers and stakeholders for stronger partnership and deeper penetration of insurance.

Yetunde Ilori, chairperson of the Organising Committee of the National Insurance Conference said the insurance industry is prepared to work with government to grow the economy.

“The theme of the conference could not have been more timely and apt than now, when the policy direction of the present administration is towards re-building a virile national economy through diversification and expansion of national and infrastructural resources.”

She stated that it has remained an irony that in spite of the nation’s past economic buoyancy, little premium was placed deliberately on building, maintaining and expanding national resources that would stand the test of time.

It is, therefore, quite commendable that the present administration has made economic diversification and infrastructural development its major policy thrust by committing so much money to critical sectors, such as works, roads and power, Ilori said. “On our part, let me reiterate that the insurance industry would like to complement the focus of the present administration in this direction through this national Conference.”

“It is a known fact that there is no genuine effort by government aimed at revamping the national economy that would be sustainable without consideration paid to the pivotal place of. It is regrettable that before now, most efforts to reposition our national economy had often left the insurance sector out of reckoning, and this is ill-advised.”

The Insurance industry remains a critical player in the financial services sector and should be accorded its pride of place in all government programmes and policies.”