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CIIN: insurance stocks viable

CIIN: insurance stocks viable

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Chartered Insurance Institute of Nigeria (CIIN) President and Chairman of Council, Mrs. Funmi Babington-Ashaye, has assured players in the capital market of the industry’s ability to deliver value to the investment community.

Mrs. Babington-Ashaye spoke during CIIN Council member’s visit to the Nigerian Stock Exchange (NSE) in Lagos.

She appreciated capital market operators for their immense contributions to the recapitalisation of the industry between 2005 and 2007.

At the moment, she said, the industry fundamentals  were sound and favourable.

She said: “With the recapitalisation, the solvency and capacity of insurance companies to underwrite large risks and meet obligations arising from claims, have improved tremendously. More importantly, more foreign insurance companies have been attracted to the insurance space due to the resultant improvement in regulations and business environment.

“As the economy consolidates on its growth trajectory, the industry will, hopefully, enjoy an unprecedented boom due to the various initiatives of the regulator, NAICOM, which includes release of guideline on micro-insurance to deepen insurance penetration and to achieve financial inclusion target for the sector, implementation of compulsory insurance and adoption of new risk-based regulatory regime.”

She urged players to comply with market regulations and reporting practices in the interest of stakeholders.

NSE Chief Executive Officer, Oscar Onyema, said the industry occupies an important position in the stock market, adding that the healthier they are, the more sustainable the market and the economy.

The post CIIN: insurance stocks viable appeared first on The Nation Nigeria.

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