Fidelity bank banner Bayelsa State banner
NIA commends FG on proposal to insure national assets

By News Express on 25/07/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 568

•NIA Chairman Eddie Efekoha.
•NIA Chairman Eddie Efekoha.

The Chairman, Nigeria Insurers Association (NIA), Mr Eddie Efekoha, on Monday commended the Federal Government over its plan to insure national assets.

Efekoha told the News Agency of Nigeria (NAN) in Lagos that the measure showed that the Federal Government recognises the role of the industry in the economic development of the nation.

The Minister of Finance, Mrs Kemi Adeosun, had at the 2017 National Insurance Conference (NIC) held in Abuja recently said the Federal Government would insure all its assets to attract foreign investors.

Efokoha urged the Federal Government to play its part by redeeming the promise and paying the N8.4 billion premium backlogs.

He said that the payment of the N8.4 billion premium backlogs would change the wrong perception Nigerians had about insurance.

“Moreover, the fund can provide finance for our long term economic growth for the country’s recovery.”

Efokoha explained that the industry was making progress as its Gross Premium Written (GPW) had hit N350 billion in 2015.

He, however, said the industry could record better performance if the government fulfilled its promise.

Efokoha said the introduction of insurance products in growing mortgage and housing sector would spur the industry to record geometrical progress.

“NIA efficiently played its part at mitigating the impact of recession on Nigerians with insurance policies through prompt payments of claims.

“NIA also ensured that the insurance market was expanded beyond the upper class and formally employed market.

“The industry has reached out to the middle and lower income classes and the distribution channels became more innovative, considering product features, cost, proximity and other relevant factors.”

He commended the National Insurance Commission (NAICOM) for its efforts at repositioning the industry, adding that stronger ties with service providers would promote the industry.

“Technology is taking over the world, payment system is changing with trends, we practitioners have talked so much about deepening insurance penetration.

“Insurance penetration cannot be deepened without employing technology to fast track insurance deliveries,” Efokoha said. (NAN)


Source News Express

Posted 25/07/2017 1:40:18 PM


Share on facebook Yahoo mail icon Gmail icon Share on Google+




You may also like...
FG, International Consortium sign Interim Phase Agreement with...

Heaven is more important to me than anything...

Yobe State Government constructs solar powered borehole in...

Suspected ritualist nabbed with 3 human skulls in...

CBN moves to provide dollars to airlines, fuel...

EPL: Van Gaal laments as Southampton shock Man...

Nuclear war imminent, says North Korea

Minister promises successful hosting of global tourism confab...

N69bn Osun airport to be ready in 8...

Shariah court sentences prominent Islamic cleric to death...

Opera announces Victor Moses as brand ambassador in...

Lagos beckons on investors, offers partnership for the...


Latest News The world must attack immigration problems at the roots, By Benjamin Obiajulu Aduba Intersociety exposes new SARS Commander, writes off reforms Court threatens IGP over detention of Kwara Governor’s Aide Ex-banker arrested on wedding day; slammed with theft charge Insecurity: NEC sets up panel to decentralise Police operations Six killed as troops, bandits exchange gunfire in Zamfara U.S. votes $12.5m for food security in Nigeria Nigeria loses N126.2b on abandoned FG properties in Lagos — Don 5 lawmakers defect in Ogun Stakeholders demand implementation timeline for PIGB Peter Obi’s leadership resonates in Regina Pacis girls’ victory SARS reform not enough — CDHR •Seeks punishment of errant officers


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (377,547 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (366,526 views) Shameless Genevieve Nnaji exposes breasts in public (296,231 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,799 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (222,574 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,067 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,510 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,698 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,598 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,266 views) Lagos plane crash: Journalist releases victims’ names (152,685 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (143,000 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,454) Business Verdict (48) Columnists (910) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (528) Features (634) Global Business Monitor (294) International (2,274) Interview (161) Live Commentary (28) Love Matters (134) News (38,059) Opinion (1,058) Pidgin (11) Politics (6,058) Religion (816) Sports (1,646) Stock Watch (33) AMA & Al Jazeera Global Update


CBN banner

Firstmobile banner




Real Madrid vs Atletico Madrid 2-4 Highlights and Goals


APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera