Nicon Insurance Plc restructures to improve services

Mr Bayode Samuel
MD, Nicon  Insurance Plc

NICON Insurance Plc says it is restructuring its operations to deliver better service to the insuring public.

The Managing Director of the company, Mr. Bayode Samuel, said this while making a presentation on the theme, “The developments in the Nigerian insurance industry from 2006 till date: The case of NICON Insurance Limited,” during the brokers’ evening it held with the Nigerian Council of Registered Insurance Brokers in Lagos.

“In our resolve to reposition the company, we have decided to extend our strategies to our six regions and 40 branch offices across Nigeria for optimal and superior performance,” he said.

From January till date, he said the firm had paid over N138.11m claims, which comprise of N50.98m paid on general business and N87.13m on life and pension businesses.

While stressing the relevance of insurance brokers, he described the insurance industry in Nigeria as a wholly brokers’ market.

“The extent of success of any underwriter therefore is determined by the rapport with the brokers,” he said.

He said the firm was seeking the support of the brokers in promoting its business and insurance in Nigeria to the delight of all.

Samuel observed that the contribution of the insurance industry to the country’s Gross Domestic Product had remained abysmally poor.

“The industry ought to be playing a key role in the national economic development of our great country. Regrettably, its contribution is less than two per cent of the GDP,” he said.

The President, NCRIB, Mr. Ayodapo Shoderu, called on the government to support the entrenchment of insurance in the country.

“There are almost six compulsory insurance policies that have been highlighted by our regulator; we need government support and backing to enforce them,” he said.

According to him, avoidance of compulsory insurance is a high level of corruption and must be included in the ongoing fight against corruption

Source: Punch