The Lagos Chamber of Commerce and Industry says it is committed to ensuring the growth of the insurance industry under its advocacy roles.
The Chairman, Insurance Trade Group, LCCI, Mr Gboyega Olanbiwoninu, said this during the Insurance Industry Consultative Forum organised by the group in Lagos.
He said, “As you are aware, the LCCI is one of the pivotal institutions that play critical roles in advocacy and stimulation of ideas for the growth of our national economy.
“This trade group, by extension, has the mandate to improve insurance penetration level and accelerate its relevance to the nation’s economy.”
Olanbiwoninu was worried that the insurance industry had continued to underperform in spite of its huge potential and window of opportunities.
He said the event was part of the group’s plan to rally operators to discuss issues that were germane to the future of the Nigerian insurance industry.
The Doyen of Insurance Industry in Nigeria, Olabode Ogunlana, said if the governments and people of Nigeria had been aware of the importance of insurance and had accorded recognition to it, both the insurance industry and the nation would be in a better position today.
He lamented that the industry had fallen short of expectations.