NAICOM charges Heirs Insurance Group on corporate governance
The Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM), Olorundare Sunday Thomas, has advised the boards of Heirs Insurance Limited and Heirs Life Assurance Limited to conduct their businesses within the confines of the Commission’s corporate governance guidelines and other directives.
Thomas, also commended the Chairman of the Heirs Group, Tony Elumelu, for his resilience, doggedness and determination to add value to the operation of the insurance industry in Nigeria.
Speaking in Lagos during the formal launching of the two new insurance companies promoted by Heirs Group recently, Thomas said “Let me quickly state that the Commission expects the affairs of these companies will be conducted in consonance with extant insurance sector corporate governance guidelines and other directives.”
The Insurance Chief also expressed his confidence that Heirs Insurance Limited and Heirs Life will add value and help to build a new insurance sector that is poised to de-risk other sectors of the national economy.
The NIACOM commissioner said “the timing of this launch could not have been more auspicious in view of the fact that the NIACOM has been rolling out various developmental initiatives aimed at deepening insurance penetration in the country, with the level of capitalization of Heirs Insurance and Heirs Life, I have no doubt that the Nigerian insurance market is poised to write big-ticket risks, we want to minimize outflow and conserve foreign exchange for national development.”
In his address, the Chairman of Heirs Group, Tony Elumelu, said that both firms will boost the insurance industry contribution to the Gross Domestic Product (GDP).
Elumelu, said the entrant of the two companies is set to change the nation’s insurance landscape for better.
According to him, “To the general public, we believe that our economy is the biggest economy in Africa, yet insurance to GDP is almost insignificant we need to work with the regulators, the finance minister with all stakeholders to make sure that insurance to GDP in the country becomes respectable like in South Africa and on other economies where insurance companies own even banks, here it is not the case, we need to, we can’t remain like this.”
He emphasized that both companies have entered the industry to provide simple, accessible and affordable insurance services and products.
“Nigerians want an Insurance company with services that can be offered on a platter of excellence and superior service delivery, customer service that is digitally-driven and above all, they want an insurer at their side, affordable, but reliable insurance products is what Heirs Insurance and Heirs Life Assurance will bring to our people,” he added.
