Areas insurers need to focus on better 2022 –Stakeholders

By Chiamaka Ajeamo

Stakeholders are optimistic about the huge opportunities which 2022 brings as they expressed their expectations for the industry, while also beaming searchlights on key issues that need to be addressed by both regulators and operators as business kicks off.

Although they affirmed the industry fared well last year, they assented that more work needs to be done and urged operators to do more in 2022, particularly, in the area of increasing penetration and general contribution to the nation’s Gross Domestic Product (GDP).

According to Valentine Ojumah, the Managing Director/CEO FBNInsurance, speaking in a report, said he expects insurance companies to upgrade their level of efficiency, digitalisation, and financial security to promote the industry in the year 2022.

Ojumah stated that the insurance industry had not performed as expected since 2020, due to the COVID -19 pandemic and irresponsibility of some of the industry players.

“Quite a few industry players are dragging the sector back. The issue of recapitalisation of the industry which had remained a problem to implement since 2019 is still very important and this is evident in the inability of some of the operators to pay claims as and or when due.

“The fact that this still happens means that a few companies are still either insolvent or working with inadequate or low capital.” According to him, underwriters must add value to the industry by raising their game through the provision of a level of customer engagement and satisfaction.

For the Insurance expert and Consultant, Ekerete Gam-Ikon, there is a need for more actions to boost insurance awareness in Nigeria through the signing into law of the Insurance Amendment Bill 2021 by the Grand Patron of Insurance in Nigeria, President Muhammadu Buhari, and promotional activities of the President of African Insurance Organisation (AIO) Tope Smart and other industry leaders.

He added, “emergence of Insurtech firms, partnerships between tech firms and insurance companies and the regulatory guidelines for the operations of Insurtech firms.

“More conversations on climate insurance and climate change and cybercrime and cyber insurance. With the increased use of online platforms and mobile devices and the accompanying rise in cybercrime, insurers need to provide risk solutions for users.

“Generally, there will be more opportunities for insurance companies to remodel their operations for digitization into the future,” Gam-Ikon said.