Adesina Takes Up Insurance Ambassador Role, Tasks Operators on Public Trust.
Adesina made the commitment while delivering the keynote address at the Nigeria Insurance Directors Conference, organised by the Chartered Insurance Institute of Nigeria (CIIN) in collaboration with the National Insurance Commission (NAICOM) in Lagos.
He said he would deploy his experience, international networks and leadership influence to promote the growth, visibility and transformation of Nigeria’s insurance sector.
Speaking on the theme, “Building the Nigerian Insurance Industry: Institutional Transformation, Public Accountability and National Economic Development,” the former AfDB president challenged insurance operators, regulators and industry leaders to prioritise public confidence, accountability and professional standards.
He said Nigeria’s insurance penetration, estimated at about 0.5 per cent of Gross Domestic Product (GDP), remained a major constraint to the country’s capacity to protect households, businesses and productive investments. According to him, the industry must move beyond conventional business practices and assume a more strategic role in supporting the Federal Government’s ambition of building a one-trillion-dollar economy. Adesina maintained that sustainable economic growth depended on an insurance industry capable of protecting productive assets, managing risks, supporting investments and mobilising long-term capital. He identified rebuilding public confidence as one of the most urgent priorities facing the sector, stressing that the credibility of insurance companies was ultimately determined by their willingness to honour legitimate claims.
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