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Thu, Sep 7, 2023 9:55 PM

Nigerian Insurers Association launches platform for CEOs to tackle sector challenges

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Nigerian Insurers Association launches platform for CEOs to tackle sector challenges
The Nigerian Insurers Association (NIA) has introduced a quarterly platform called "NIA Chairman Time Out With CEOs" aimed at addressing the challenges faced by insurance industry leaders. The platform will provide an opportunity for CEOs to strengthen bonds, brainstorm solutions, and collectively tackle issues affecting the sector. Experts from Agusto Consulting have been engaged to analyze macroeconomic conditions and the operating environment. The resolutions reached during the meetings will be closely monitored and vigorously pursued by the NIA staff.

The Nigerian Insurers Association (NIA) has taken a proactive step to address the challenges faced by the insurance industry in the country. The association has launched a quarterly platform known as "NIA Chairman Time Out With CEOs" that aims to bring together Chief Executive Officers (CEOs) of insurance companies to address issues and collectively find solutions.

The Chairman of NIA, Segun Omosehin, expressed the purpose of the platform in a statement after the maiden meeting. According to Omosehin, the platform will serve as an additional avenue for education and interaction with members on current events within the industry. It will also explore how insurance companies can effectively position themselves to overcome economic challenges threatening their businesses.

In order to gain better insights into the macroeconomic challenges affecting the insurance industry, the NIA engaged the services of Agusto Consulting Limited. Oritsejimi Ogbobine and Funmilayo Olore from the consulting firm shared their expertise on the macroeconomic review during the meeting.

Highlighting the risks faced by industries, Ogbobine and Olore mentioned two major risks: foreign exchange (FX) risks and weaker consumer purchasing power resulting from the removal of the fuel subsidy. They warned that the lingering FX crisis would negatively impact industries with high dependence on imports and weak FX earning capacity.

Furthermore, they noted that the removal of the petrol subsidy would lead to a weakening of consumer purchasing power. As a result, consumers are more likely to seek cheaper substitute products, particularly those they consider non-essential. To mitigate these risks, industries may resort to price increases, which could negatively affect product volumes.

The resolutions and insights gained from the NIA Chairman Time Out With CEOs platform will be actively pursued by the association's staff, led by the Director-General, Mrs. Yetunde Ilori. Performance evaluations will be conducted regularly to ensure effective execution.

The inaugural meeting of the platform saw a massive turnout of CEOs, indicating their commitment to tackling sector challenges collectively. Going forward, the NIA Chairman Time Out With CEOs will be held on a quarterly basis as a means to continually address industry concerns and foster collaboration.

Source of content: OOO News 2023-09-07 News

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