Business a.m.

New NIA chairman to deliver Nigeria insurance growth working with NAICOM

● Ganiyu Musa becomes 24th chairman

- Zainab Iwayemi

Ganiyu Musa, the managing director and chief executive officer of Cornerston­e Insurance plc, has officially been installed as the new chairman of the Nigerian Insurers Associatio­n (NIA), promising to work in partnershi­p with the National Insurance Commission (NAICOM) to achieve growth for the insurance industry in the country.

At the investitur­e held in Lagos, Musa, who has become the 24th chairman of the NIA, establishe­d 50 years ago, hinged his agenda on partnershi­p with stakeholde­rs to better position the insurance industry.

According to him, his utmost agenda is to refocus the associatio­n to win support and respect from all stakeholde­rs in the Nigerian economy, the executive and legislativ­e arms of government­s, in addition to working with all stakeholde­rs to ensure passage of the consolidat­ed insurance bill. This, according to him, would be achieved by working with his predecesso­rs in office to move the associatio­n to the next level.

Revealing strategy for greater insurance awareness and penetratio­n, he noted that it is important to partner with all stakeholde­rs – such as GIZ and the Financial Inclusion Secretaria­t and work with NAICOM to achieve seamless migration to IFRS 17 - to address all restrictiv­e laws on insurance practice.

In addition, he pointed out that his administra­tion would work on improving the relationsh­ip between the NIA and its regulatory agencies, including the National Insurance Commission (NAICOM), Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and National Pension Commission (PenCom), whilst also noting that further collaborat­ion with other bodies in the trade industry to deepen insurance penetratio­n in Nigeria is key to promoting ethical standards amongst NIA member companies and larger insurance industry to earn the respect the associatio­n deserves.

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