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Elumelu canvasses support for insurance sector

Chairman, Heirs Holdings and United Bank for Africa Plc (UBA), Tony Elumelu, has underlined the importance of a vibrant, well capitalised and deep insurance sector…

Chairman, Heirs Holdings and United Bank for Africa Plc (UBA), Tony Elumelu, has underlined the importance of a vibrant, well capitalised and deep insurance sector to Nigeria’s economy. He gave the charge at the recent 60th anniversary of the Nigerian Council of Registered Insurance Brokers (NCRIB) conference.

“Not least in these testing times, our people need financial security, secure savings and protection against uncertainty. Our industry needs to offer simple, smart products that give value and deliver. We need an industry that is professional and can catalyse investment in key sectors such as power, infrastructure and housing,” he said.

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Elumelu, who congratulated the NCRIB on its anniversary and the role it has played, stated there was no room for complacency, with the sector needing to regain trust.

He emphasised the commitment of Heirs Holdings to the insurance industry.

He said: “In a country of two hundred million, we can, should and must be more relevant than we are today. I am an optimist, not a pessimist.  I know that times are tough, but together we can, and we will transform our industry, create value, and provide solutions that demonstrate the value of insurance to our people.”

Speaking, the Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. Sunday Thomas, called for more collaboration and effort in enabling access to insurance, stating that the industry could do more in this prospect.

President, NCRIB, Bar. Rotimi Edu, made a commitment on behalf of the Council to further deepen insurance penetration in Nigeria.

He said: “The Council is already creating avenues through strategic engagements with notable governmental and non-governmental institutions to deepen the industry in the country.”