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Insurance stocks: Operators, NSE move to attract investors

Insurance stocks: Operators, NSE move to attract investors

Mr. Oscar Onyema, Chief Executive Officer of the Nigerian Stock Exchange

Operators in the insurance industry and the Nigerian Stock Exchange are strategising on how to improve the value of insurance stocks and attract investors to the industry.

The Director-General, NSE, Oscar Onyema, who was a special guest at the eight Insurers Committee meeting held recently in Lagos, urged the operators to leverage the platform of the stock exchange to boost their operations.

Onyema also advised the operators to have investment relationship managers of insurance in the stock exchange.

After the meeting, the Vice Chairman, Sub-Committee Publicity, Insurers Committee, Mrs. Ebelechukwu Nwachukwu, who spoke for the IICC, said that the NSE boss encouraged the operators to improve as an industry and work closely with the exchange.

“We discussed on how to put some analysts together in the NSE that can also talk about insurance and increase the interest in insurance stock, because this will help us to drive activities on both sides,” she said.

Nwanchukwu said the industry wanted to be more visible by making the public to know what the insurance industry could offer and how to access its products and services.

She therefore said that all the sectors making up the insurance sector such as the insurance companies, brokers, loss adjusters and agents, were strategising on how to kick-start the rebranding and awareness campaign in January next year.

The Group Managing Director, Cornerstone Insurance Plc, Mr. Ganiyu Musa, also said there was dearth of specialist insurance analysts in the stock exchange.

He said, “There are no specialist insurance analysts on the stock exchange and because of the different nature of insurance, you don’t get the same output if you just apply the same methodology to analyse a trading or manufacturing company. There is a common agreement that there is a need to now develop the competence for insurance value analysis.”

Musa said that the insurance sector would soon begin to have more engaging and rewarding activities with the stakeholders in the NSE.

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