Stakeholders in the insurance industry have pushed for the adoption of innovative insurance products that can support sustainable development in Nigeria. This was an aspect of the key discussions at the fourth edition of the “Insurance September 2020” event, which was held virtually to examine the topic “Insurance and Sustainability” and monitored by Business A.M.
The 2020 edition of the annual event brought together key stakeholders, policymakers, regulators, experts and analysts in the insurance industry in Nigeria to a roundtable opportunity to explore how the country can achieve the Sustainable Development Goals (SDGs) by the year 2030.
Ekerete Ola Gam-Ikon, Business A.M. columnist and convener of the event, welcoming participants said insurance sustainability was critical for the next generation of customers, and it was important to communicate with what they can understand, and highlighted that all Nigerians need to encounter better insurance coverage.
Ekeome Ezeibe, managing director and chief executive of Crystal Trust Insurance Brokers Nigeria Limited, who delivered the keynote at the event, said the subject matter captured the atmosphere for adopting insurance as the potential instrument for driving sustainability in a Post-COVID-19 period.
She said the effect of COVID-19 on the worldwide economy, including the insurance business, is no longer news, further stressing that it was a twin stun for Nigeria because of a health pandemic being intensified by falling global oil prices.
“It will affect some businesses that will help to sustain the economy, even as we are still challenged with the absence of physical face-to-face interactions between client and stakeholders, cancellation of events, business interruptions, job losses, a decline in revenue for some businesses, an increase in the prices of goods and services and closure or restricted opening of schools,” Ezeibe said.
According to her, the insurance industry has started discussing innovation and is exploring ways to hasten the way the industry advertises its services leveraging digital platforms to achieve convenience and efficiency.
Speaking to the subject of insurance as a tool for sustainability, Ezeibe said it was a significant industry that was imperative to global economic stability, stressing that the world economy has had less ability to ingest stuns in 2020 than it did in 2007 and would require more risk assurance for residents.