OPERATORS and stakeholders in the insurance sector have been tasked to reposition the sector as a key driver of sustainable economic growth in Nigeria.
Mr. Akinjide Orimolade, Managing Director/Chief Executive Officer of Stanbic IBTC Insurance Limited, gave the charge in his keynote address at the 2024 Business Journal Annual Lecture in Lagos themed “Repositioning the Insurance Industry to Drive Sustainable Economic Growth in Nigeria”.
Represented at the event by Mrs. Temitayo Sogbola, MD/CEO of RiskTech & Advisory, Mr. Orimolade highlighted the role of the insurance industry in driving economic sustainability to include improving risk management, capital mobilisation, financial stability, employment generation, consumer protection, promotion of trade, and social stability, and emphasized the need for the repositioning of the sector to play its pivotal roles.
Mr. Orimolade listed three pathways through which the Insurance sector contributes to sustainable economic development households, the private sector, and the public sector.
He expatiated, “Households – Savings/Investments, Lower Out-of-pocket expenses for healthcare, Healthcare, and Paying off a borrower’s outstanding debt.
“Public Sector – Gross Domestic Product (GDP)/Economic growth, Job creation/employment, Reduction of financial loss, Savings, Allocation, Assets and Liabilities Management, Fiscal space in case of natural disasters, Supplement, and exports/imports”.
Mr. Orimolade said “Micro-insurance has significant potential as it assists families in withstanding economic losses due to illness, property damage, or death of a wage earner.
“Insurance can contribute to this goal via paying claims that ensure the business continuity of companies after a loss, preserving employment, and using pension products to reduce old-age poverty”.
READ ALSO: Some banks, top officials to be prosecuted soon — EFCC boss
