From Femi Oyelola, Kaduna
The senator representing Kaduna Central in the Senate, Senator Uba Sani has decried the long neglect of the insurance industry despite its importance.
This was contained in a statement made available to the media in Kaduna yesterday.
The lawmaker also expressed dismay over the sharp practices within the sector, lack of public knowledge of the role of insurance, lack of requisite skills by personnel in the insurance industry, and the outdated and ineffective regulatory framework.
Senator Sani added that as a contribution to move the sector forward he led the Senate Committee on Banking, Insurance and Other Financial Institutions in what he described as “highly interactive, intellectually stimulating and result oriented one day retreat” with the National Insurance Commission (NAICOM)
According to the senator, there is need to take a critical look at the role of insurance in the growth and development of the economy, the poor state of the insurance industry in Nigeria and how to restore the industry to its pride of place.
He urged for pulling of energies and expertise between the Committee and NAICOM to amend and strengthen the legal framework for insurance, as well as the carrying out of intensive and extensive awareness campaigns on the role of insurance in risk mitigation and economic development.