CPPE seeks more budgetary allocations to insurance, pension sectors

By Olivia Nnorom

Centre for the Promotion of Private Enterprise (CPPE) has called on the federal government of Nigeria to increase budgetary allocations to insurance and pension to enhance growth in the two sectors.

Muda Yusuf, chief executive officer, CPPE, made the call at Business Today annual conference in Lagos.

Speaking on the theme, “consumer satisfaction in deepening penetration in insurance and pension sectors”, Yusuf called on governments at all levels and their agencies to comply with employers liability insurance, in line with the workmen’s compensation Act 1987; buildings under construction insurance-section 64 of the insurance act 2003.

He listed other compulsory insurance the government should ensure compliance and enforcement to include; occupiers liability insurance as written under section 65 of the Insurance Act 2003; Motor Third Party Insurance of section 68 of the Insurance Act 2003;and Health Care Professional indemnity insurance under section 45 of the NHIS Act 1999.

Speaking in the same vein, Sunday Thomas, commissioner for insurance, represented by Rasaaq Salami, head of corporate communications, National Insurance commission (NAICOM) said that customer satisfaction remains key to the insurance business.

“It is a good thing for you to be able to sell insurance policy for a first timer and once you miss that opportunity of giving the satisfaction the customer needs, which might be the last time you will have that customer. That is why customer satisfaction is very key to our business, especially insurance being the business that you have to market before you sell,” he said.

He concluded by emphasising that insurance is not something that is picked on the shelf, noting that it has to be marketed, which is why customer satisfaction is very key.