New NIA chairman to deliver Nigeria insurance growth working with NAICOM  

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.

In furtherance, he noted that his administration would look inwards to take advantage of the untapped potential demand for insurance in Nigeria to help trigger the growth of insurance business which is pertinent to the growth of the nation.

Sunday Thomas, the commissioner for insurance, speaking at the event, implored the NIA to work hard in ensuring its members live up to their claims responsibilities.