By Sola Alabadan
The Federal Government has been charged to enforce the law on compulsory insurances and patronise the Nigerian insurance industry in order to grow the industry for better contribution to the economy.
This formed part of the communiques issued at the end of the annual Conference of the National Association of Insurance and Pension Correspondents (NAIPCO), with the theme “Promoting Bankable Investments Portfolio For Insurance And Pension Sectors” recently in Lagos.
The conference also tasked the government to ensure the domestication of opportunities emanating from the local market before its ceded offshore.
Participants at the conference equally canvassed for a review of regulatory frameworks to accommodate new areas of bankable investments.
While calling for a deliberate effort to allow insurance and pension funds invested in real sector, the conference also agreed that while investments of the funds are critical, its safety must be paramount.
They further urged regulators to engage real sector to measure the impact of policies and create adjustments for unforeseen circumstances.
Besides, the participants made case for collaboration between operators, regulators and financial market stakeholders to come up with appropriate products with adequate risk framework.
The conference also recommended that the investment windows should be adequately derisked to encourage investor participation, going forward.
The government was challenged to create policies that encourage real sector growth as the bastion of bankable investment rather than the preponderance of portfolio investors.
