The federal government has announced plans to release a new blueprint to re-position the country’s insurance industry.
Minister of Finance Kemi Adeosun who announced this at 38th Annual General Meeting and Education of West Africa Insurance Companies Association (WAICA) in Lagos, said the country’s insurance industry was part of the current government’s plan to diversify the economy.
She said the new blueprint would change the face of the industry, calling on insurers to support the government to achieve growth for the industry.
Adeosun said that government would also support the industry to fill its capacity gap.
She also reiterated government’s commitment to restructure the economy through diversification and development.
Earlier, the Commissioner for Insurance and Executive Secretary, National Insurance Commission (NAICOM), Mohammed Kari said though the future of the sector was hard to predict, there was need to be prepared at all times.
He said insurers were faced with the challenges of new businesses, changing laws and regulation among others.
He said notwithstanding these challenges, there was enough potential for positive growth of the insurance sector in West Africa.