Group to increase penetration via seminar
The Committee on Insurance and Pensions of the Nigerian Bar Association (NBA) Section on Business Law has concluded plans to drive Insurance penetration in Nigeria.
According to the committee, “Insurance Penetration is measured by the contribution rate of Insurance to the Gross Domestic Product (GDP) of any economy in the world”
Nigeria is one of the lowest in the world, even as in Africa, for instance, South Africa has a 12 per cent penetration rate, while Nigeria is less than one per cent and a number of factors have been attributed to the low rate of insurance penetration in the country.
While several factors contribute to the growth of insurance, the committee was convinced that Law and Regulation play a significant role in addressing the situation in Nigeria.
In line with this, the group is organising a One (1) day seminar on the role of Law and Regulation in Insurance growth and penetration, which will cover topics such as “Insurance Law Practice: Beyond the Status Quo of Insurance Penetration”, “The role of Law, Innovation and Regulation in Insurance: Strange bedfellows”.
Laws and Regulations on compulsory insurance and their enforcement are crucial to drive insurance growth and penetration. Laws and Regulations, which promote and encourage innovation in product and channel development, will go a long way in the growth of insurance in Nigeria.
The attitude of Insurance practitioners in leveraging the legal and regulatory framework to drive growth is equally essential.
The committee is assembling experts in Law, Insurance, Regulation and Innovation to address this vital subject on October 26, 2017, in Lagos and one of the pre-registered participants will attend the seminar.
Lawyers, like many other professionals, are interested in the opportunities available to them in the insurance industry. While several opportunities exist currently in the insurance industry for in-house and external lawyers, growing the industry will provide more opportunities.
The committee believes that the growth of Insurance promotes economic growth and vice versa. This growth increases the opportunities for legal practitioners in the insurance industry in particular and the economy in general.
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