My Speech At The One Day Retreat Of Senate Committee On Financial Institutions With NAICOM

Today, I chaired a highly interactive, intellectually stimulating and result oriented one day retreat of the Senate Committee on Banking, Insurance and Other Financial Institutions with the National Insurance Commission (NAICOM) at Reiz Continental Hotels, Abuja.

The retreat which had as its theme “Insurance as a Contributor to Economic Development: Issues and Way Forward for Nigeria Insurance Insurance” took a critical look at the role of insurance in the growth and development of the economy, the poor state of the insurance industry in Nigeria and how to restore the industry to its pride of place.

In my intervention at the retreat, I decried the long neglect of the insurance industry despite its importance, the sharp practices within the sector, lack of public knowledge of the role of insurance, lack of requisite skills by personnel in the insurance industry, and most importantly the outdated and ineffective regulatory framework. I urged for pulling of energies and expertise between the Committee and NAICOM to amend and strengthen the legal framework for insurance, as well as the carrying out of intensive and extensive awareness campaigns on the role of insurance in risk mitigation and economic development.