The Chairman, Mutual Benefits Assurance Plc, Akin Ogunbiyi has called on government at all levels to support and patronize the insurance industry so that the sector can achieve its objective, support the nation’s economy, ensure returns on investments and actualise capital adequacy.
Ogunbiyi, who made the call yesterday at the 5th annual conference of the National Association of Insurance and Pension Correspondents (NAIPCO), while speaking on the theme ‘Promoting Bankable Investments Portfolio for Insurance and Pension Sectors’ in Lagos; emphasized the need for the government to patronize and promote insurance in the country.
While noting that the industry can accumulate retain earnings and shareholders funds on a sustainable basis through good corporate governance and adaptive leaders who recognize and respond to insurance needs and relevant adjacencies, he said the industry also require commitment and dedication from all stakeholders to realise growth and profitability.
Stressing the reasons for investment in the industry, he disclosed that financial assets such as; debt and equity instruments, money market and equity funds are returning low yield due to the unfavorable investment climate.
“I want to submit that we can achieve adequate return on investment, capital adequacy ratio and the reduction of sharp practices to its barest minimum via support and patronage of the insurance industry by government at all levels.
We can accumulate retain earnings and shareholders funds on a sustainable basis through good corporate governance and adaptive leaders that recognize and respond to insurance needs and relevance.
To accomplish this, we require commitment and dedication from all stakeholders,” he said.