On the issue of recapitalisation in the industry, which was suspended by the agency recently, Dr Sani declined to comment, noting that the case was already in court and it would amount to contempt to discuss it.
But he stressed that capitalisation was inevitable in order to enable the industry to compete favourably with emerging market peers. “We have to be honest to ourselves, this economy is dynamic. The capital and assets of the NNPC today are in trillions of naira. It was not so 10 years ago. They need insurance to cover their risks. So, because of that, there is a need for improvement and recapitalisation so that they can sell insurance effectively and avoid capital flight. If you want to really be a player, you don’t even need the regulator to ask you to recapitalise.
Insurance penetration is less than one per cent in Nigeria, according to a March research report by Augusto & Co. This is less than Africa’s average of 2.78 per cent and the global average of 7.20 per cent. Sani said his vision was to ensure that the industry contributed more to the Gross Domestic Product and attract more foreign investment to the sector. He said the agency would look at the Insurance Act of 1997 to see if there were aspects of the law impeding insurance growth and make efforts to amend them.All rights reserved.
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