The management of Staco Insurance Plc has been ordered by the Chartered Insurance Institute of Nigeria (CIIN) to make sure they have and keep up a reliable risk assessment methodology to safeguard the money of their shareholders.
The institute also encouraged them to take a stand on company credit ratings and make sure their reinsurance programs are complete without any gaps.
Edwin Igbiti, the president of CIIN, made the statement while discussing “Insurance Contribution” at the company’s management retreat in Lagos.
He said that management is responsible for ensuring compliance in all business dealings and that all legal obligations are met.
In addition to timely claims payment, delivery of policy documents, reaction to proposals and quotations, and prompt servicing of policyholders at all times, according to him, this should also involve good client relations.
The head of CIIN gave them the go-ahead to operate in order to avoid being delisted from the Nigerian Stock Exchange and to instead attract and sustain high-value transactions outside of government-related enterprises.
According to him, “Insurance Contribution” refers to the role insurance played in producing a result or assisting the development and/or advancement of the nation.
“This has many facets and each company has its quota that makes up the contribution to the whole insurance space, which as of the Year 2021 financials is at 0.88 per cent of the country’s GDP.”
“Of this less than one per cent, Staco must ensure that it continues to improve on its outputs to be a positive force to be reckoned with in the insurance industry,” he said.
He claimed that in 2007, STACO shares were traded at N6.82 on the Nigerian Stock Exchange (NSE), generating dividends and capital gains for investors, cementing the company’s position as the industry leader at the time.
He said that at the time, STACO had an excellent management team, devoted/loyal personnel, and a good network of branches across Nigeria, as well as a recognised welfare program for workers in the sector.
“The interruption, without saying much, which I believe as insiders you know more than me, brought a setback to the early glory days. But you did not allow issues to linger for too long. I think STACO listened to the advice of Richard Nixon in his famous quote “Failure isn’t falling. Failure is not getting up after you have fallen” I am glad STACO is up and running, and the fight for a refreshed brand and enhanced market share has intensified,” he said.
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