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Business > Insurance
Olowude becomes new NIA chairman, as body links workers’ salaries raise to high inflation
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By Nkechi Naeche
June 28, 2012 19:56:50pm GMT      |      Views: 562
NAICOM building

WorldStage Newonline-- The Nigeria Insurers Association (NIA), on Thursday attributed the high inflation rate recorded last year to the increase in the salaries and allowances of civil servants, medical personnel and university lecturers, among others. 

Disclosing this at the association’s  41st Annual General Meeting, the out gone Chairman, Mr. Ladipo Ajayi, said that the increase in consumer expenditure led to the high inflation in the year under review.

He noted that the volume of business written by the industry was N200 billion as against N186 billion recorded in the corresponding year.

Speaking further on the performance of the market, the. Chairman said that the insurance penetration, a measure of the relationship between premium earned and the nation's GDP remained at an unacceptable low level of 0.6 per cent.

On Market Agreement Code of Standard practice and effective service delivery, he said that the code is yet to enjoy full adherence by member companies.

He added that in the year under review, the association reviewed the agreement with a view to enhance effective implementation and that despite the challenges; the association will continue to deploy moral caution as a tool to ensure compliance.

The NIA boss who ended his tenure today thanked the association for the privilege given to him to service, adding that it gave him various opportunities to know about the stakeholders and the insurance in West Africa.

In his acceptance speech, the new chairman of the association and  Group Managing Director of Industrial and General Insurance (IGI), Mr. Remi Olowude, said he would  focus the association to win support and respect from all stakeholders in the nation’s economy, particularly the executive and legislative arms of government and the Judiciary.

He noted that his tenure will also improve the quality of insurance education and practice, building better platforms of communication between NIA and all NIA member company.

He further said that the association will improve its relationship with all regulatory bodies in the financial sector, adding that during his tenure it will collaborate with various bodies in the industry to deepen insurance penetration in the country.

The new Chairman noted that he will be promoting ethical standards amongst member companies and the larger insurance industry to earn the respect that the industry deserves.

He listed restrictive laws on insurance practice, issues of multiple taxation, inefficiency of power sector, Nigeria content policy on oil and gas and ensuring the effectiveness of market agreement, as some of the challenges and opportunities that abound in the industry and the nation's economy.

Others are ensuring greater insurance awareness and penetration and migration of IFRS in practical.

He noted that the association as a trade group has the primary responsibility of protecting the interest of its members.

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