The Managing Director/CEO of SUNU Assurances Plc, Samuel Ogbodu, has said that the level of productivity in the economy would reveal how much income generation the insurance industry will get this year.
According to Ogbodu, if there is high productivity in the economy, the sector will make more income.
He said: “The National Bureau of Statistics (NBS) projected that the economy will grow by three per cent in 2021 while the World Bank projected that it will grow by 1.7 per cent. Either way, if the economy grows, it will be better for us because there will be more productivity in the economy and we will generate more income. So, if the economy grows, the insurance industry will benefit from it. In essence, the various projections can shape our planning in 2021.”
Commenting on his expectations for the new year, he noted that for an improved insurance sector, operators must ensure that the right structures and the needed technology must be adopted to move the sector forward.
“If the right structures and world-class technology are in place, we will go from place to place.”
He added that, enforcement of the compulsory insurance policies like third party motor insurance and buildings under construction will boost activities in the sector and consequently lead to improved turnover.
“The implementation of insurances of buildings and those under constructions will help tackle incidences of building collapses, and this will enable insurance firms deplore their professionals to examine the state of building materials used in the development of houses in the country, thereby addressing the menace in the country.