Zainab Ahmed, the Minister of Finance, Budget, and National Planning, and Babajide Sanwo-Olu, the Governor of Lagos State, have asked underwriters in the country to pay claims swiftly in order to maintain public trust.
They said that this would support the industry’s push to become a significant engine of economic growth. Minister Ahmed, who was represented by the Permanent Secretary in the Ministry, Aliyu Ahmed, at the 50th anniversary of the Nigeria Insurers Association (NIA), said the consolidated insurance bill currently before the National Assembly would redefine the insurance business and meet stakeholders’ expectations when signed into law.
“If, as a government, we are doing everything we can to persuade ministries, departments, and agencies (MDAs) to take insurance, and we are encouraging the public to do the same, then we will expect genuine and verifiable claims to be paid promptly, as this will engender trust in the sector,” Ahmed said.
Sanwo-Olu, who was represented by his Commissioner for Finance, Dr. Rabiu Olowo, complimented the NIA on the achievement, stating that the organization had met expectations by upholding industry standards. He challenged the association to do more to maintain the past 50 years’ momentum of expansion, creativity, and innovation.
Ganiyu Musa, the NIA Chairman, asked the Federal Government and state governments to continue to support the industry by enacting policies that promote a level playing field for all stakeholders.
“Let me also use this occasion to reiterate that the organization, and indeed the entire insurance industry, will continue to support the government in its efforts to develop a resilient and vibrant economy,” he said.
Yetunde Ilori, the Director-General of the Nigerian Insurers Association, highlighted the golden jubilee and the inauguration of the seven-story Insurance house as a culmination of the organization’s achievements over the years.