News
Updated: January 28, 2021

Expert Calls On Insurance Industry To Rebuild Trust

By Zaccheus Ukhueleigbe
January 28, 2021
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Mr Ekerete Gam-Ikon, an Insurance Consultant, has appealed to the insurance industry to collaborate and work towards re-building and reinforcing the confidence of the people through health and life insurance products.

Gam-Ikon told the News Agency of Nigeria (NAN) in Abuja on Thursday that the sector could leverage on the current times to ensure that citizens had better insurance experiences.

He frowned at the inability of the industry to see the value of communication to the growth and development of the business and sector.

He urged the Nigerian Insurers Association (NIA) to always make the positions of the insurance industry known to the public on topical economic issues at the end of their monthly meetings.

Gam-Ikon also suggested that recommendations should be made by the NIA to the Federal Government through the National Insurance Commission (NAICOM).

“Firstly, on a personal basis, I weep for the insurance industry due to its inability to see the value of communication to the growth and development of the business and sector. Agreed the Monetary Policy Committee (MPC) is a statutory entity but so would any serious body like the NIA.

“After their monthly meetings, I would expect them to have a Press Release that states the position of the insurance industry on topical economic issues and recommendations to the Federal Government through NAICOM.

“Making their position public gives the insuring public much needed confidence and builds trust. This is how insurance can collaborate and win some more converts in this season through health and life insurance products to start with.

“Importantly, the larger insurance sector composed of general, life, health, social and pensions need to also have a meeting point at this time towards ensuring that Nigerians have better insurance experience.

“This time indeed calls for the entire financial services industry to have a meeting of minds so the trust and confidence of the citizens can be rebuilt and reinforced,’’ he said.