‘Insurance has growth potential despite recession’

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The Chairman, Guinea Insurance Plc, Godson Ugochukwu, has said that insurance operators need to identify growth opportunities in recession to create more value for their shareholders.

He said in an interview in Lagos, “Contrary to fears that the decline in national revenue occasioned by the fall in oil price and depreciation in the naira value would spell hardship for insurance industry as expressed recently by insurance practitioners, I am of the belief that the insurance sector has the potential to grow and enhance shareholders’ value.

“But it requires insurance companies to device means of taking advantage of growth opportunities around them because doing so would not only increase its penetration but also enhance awareness and the sector’s contribution to the Gross Domestic Product.”

The Guinea Insurance’s chairman observed that the sector in Nigeria was confronted with numerous challenges as a result of economic downturn, and low level of coverage.

He said the low penetration rate revealed a dearth in the level of acceptance for insurance products among the people and institutional clients.

While speaking on Guinea Insurance, he said that the company had been repositioned for growth.

“As a company destined for greatness and propelled by a board of directors and management team with insatiable thirst for success, we keep the faith that there are no limits, there are only plateaus. We have therefore taken steps to ensure that our greatest asset – our people, are enhanced through human capital investment.”

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