By Rosemary Onuoha
Over 80 percent of foreign investment inflows into the country were made possible by insurance underwritings, Managing Director of Leadway Assurance Company Limited, Mr. Oye Hassan-Odukale, has said.
Speaking during a media parley in Lagos, Hassan-Odukale said that most foreign investors demanded that there must be structured insurance for their investments before they can invest into the country. Consequently, according to him, the Nigerian insurance sector carefully structured insurance for such investment which made them achievable. He stated, “There are times when major investments were to come into this country. However, it took a while because we had to structure the insurance and eventually they were delivered to the federal government. Without insurance, such investments cannot take place in Nigeria. Investment cannot come into this country if there is no insurance support. By law now anything in this country must be insured in Nigeria.” Speaking in the same vein, Managing Director of Custodian and Allied Life, Mr. Tonye Odunsi said that insurance companies pay huge claims but the public don’t get to hear about it.
He said, “Insurance operators pay huge claims but nobody gets to hear about it. We hear so much that insurance don’t pay claims and such accusations are connected to most small claims where the insurerd probably have not conformed with one policy condition or the other and in the process create a lot of hullaballoo.
Insurance is doing a whole lot in the economy and is moving the economy forward.”
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