January 27, 2023

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Mutual Advantages chairman lauds NAICOM boss, Thomas on trade’s glory


The Chairman of Mutual Advantages Assurance Plc, Akin Ogunbiyi, has lauded the Commissioner for Insurance coverage, Thomas Sunday for his dedication to make sure the restoration of the insurance coverage trade’s glory.

Ogunbiyi, who expressed this throughout an interplay with journalists, stated, “The present Commissioner for Insurance coverage, Thomas Sunday, is making an attempt to galvanise the trade to imagine its anticipated place because the chief of the monetary sector and the motive force of the Nigerian financial system.”

In accordance with the Mutual Advantages Assurance boss, the commissioner is a thoroughbred skilled who’s obsessed with turning across the fortune of the trade for the nice of the practitioners, the insuring public and the nation at massive.

Ogunbiyi stated, “The Commissioner has introduced mental vitality and flavour into the trade. For the primary time within the historical past of the Nigerian insurance coverage trade, we’re having a thoroughbred practitioner because the Commissioner for Insurance coverage. That is somebody who had labored in lots of insurance coverage corporations, together with NICON, earlier than changing into the Director-Common of the Nigerian Insurers Affiliation (NIA). Later he was appointed the Deputy Commissioner for Insurance coverage (Technical), the place he served for a few years earlier than changing into the Commissioner. So, he understands the trade and is set to make it work for the good thing about the entire nation.”

In accordance with the Mutual Advantages helmsman, the Insurance coverage Commissioner needs to return the trade to the period when it performed pivotal function within the financial system, including that he would require the assist of all practitioners to attain this.

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He stated, “There was a time when the insurance coverage trade led the monetary sector of the Nigerian financial system. At a time on this nation, insurance coverage corporations have been the prime buyers in banks. When the Federal Capital Territory (FCT) was being constructed, insurance coverage corporations made strong investments in crucial areas, equivalent to resorts, to make sure the event of the FCT. Over time, the insurance coverage trade has made large contributions to the financial improvement of the nation. However time beyond regulation that has modified. The Commissioner needs to take the trade again to its superb period. That’s the reason he has been engaged on strengthening regulation and inspiring creativity within the trade.”

Ogunbiyi, who cited an instance of how the Commissioner encourages creativity within the trade, stated, “When the Commissioner visited Mutual Advantages Assurance Plc, he lauded the corporate for being one of many biggest employers of labour within the nation. He stated that by means of the corporate’s retail actions, it has been in a position to take lots of people out of the labour market. Equally, when he visited Mutual Advantages’ Retail Plaza in Mushin, Lagos State, he was filled with reward for the corporate, saying that he was actually very happy with what we’re doing. The Commissioner assured that in his tenure insurance coverage will take its rightful place as the motive force of the financial system. He additionally stated that he would encourage different insurance coverage corporations to assume out of the field and provide you with merchandise that will handle particular wants of the market.”

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