Vibrant insurance industry important for Nigeria’s growth – Elumelu

The Chairman, Heirs Holdings and United Bank for Africa Plc, Tony Elumelu, has said the Nigerian insurance industry needs to be vibrant and must possess capital, professionalism and democratisation which are foundations for a strong Nigeria.

Elumelu said this while delivering his keynote address at the 60th anniversary of the Nigerian Council of Registered Insurance Brokers Conference in Lagos.

He said, “Not least in these testing times, our people need financial security, secure savings and protection against uncertainty. Our industry needs to offer simple, smart products that give value and deliver. We need an industry that is professional and can catalyse investment in key sectors such as power, infrastructure and housing.”

Elumelu congratulated the NCRIB on its anniversary and the role it had played.

According to him, there was no room for complacency, with the sector needing to regain trust, clamp down on malpractice and fundamentally evolve its customer proposition to deepen the insurance penetration.

Speaking on the commitment of Heirs Holdings to the insurance industry, he said, “Our two insurance companies, Heirs Life Assurance and Heirs Insurance Limited, are both leading democratisation of access to insurance – which is a tool for financial inclusion, employment creation, poverty eradication and female advancement.”