Grow economy by making insurance vibrant — Expert tells FG

The Chief Consultant of B. Adedipe Associates, Dr Biodun Adedipe, has advised the Federal Government on the need to grow a vibrant insurance sector that would engender growth in the economy.

According to him, when the environment is favourable, businesses and individuals take risks and in turn grow the economy.

Adedipe made the call in an interview with the News Agency of Nigeria (NAN) on the sideline of a media parley organised by Boff Insurance Brokers and B. Adedipe Associates in Lagos.

He expressed disappointment that the enforcement of compulsory insurance was still an issue in the country.

The consultant urged the Federal Government to wake up to its insurance responsibilities by ensuring that premium was paid.

“For the insurance sector to grow, government needs to be responsible to its insurance obligations, which talks about paying premium.

“There is also need for flexibility and also ensuring that compulsory insurance is enforced because enforcement had always been an issue,” he said.

According to him, if government is responsive and puts a lot of efforts into enforcement, value will be created and revenue generated from compulsory insurance.

Adedipe said that when the insurance sector is vibrant, it would galvanise businesses and individuals to take risks and that is how economies grow, just as it is applicable in developed countries.

The consultant said, “The freedom to take risk is on the back of a vibrant insurance sector, so the conversation should be how do we make that sector vibrant.

“That brings us to involve more interactions between government agencies and the insurance sector so that all the stakeholders are constantly engaged.

“And whatever is needed to be done to make us deepen insurance, the government will keep making that happen,” he said.