Building Confidence: What the Insurance and Pension Sectors Must Do Says PenOp Chief

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L-R: Keynote Speaker and Managing Director, APT Securities and Funds Limited, Mallam Kasim Garba Kurfi; Director General, Nigerian Insurers Association (NIA), Mrs Yetunde Ilori, Mr Larry Ademeso, Managing Director, Custodian Life Assurance Limited, representative of Mr. Whole Oshin, Group Managing Director, Custodian Group, Chairman of the occasion; Mrs. Nkechi Naeche-Esezobor, Chairperson, NAIPE: Edwin Igbiti, President, Chartered Insurance Institute of Nigeria (CIIN); Ms Prisca Soares, former Secretary General, African Insurance Organization (AIO) and Mr. Shola Tinubu, Managing Director, Scib Insurance Brokers at the 8th NAIPE Annual national Conference in Lagos on Thursday, September 7, 2023.
The the Pension Operator Association of Nigeria gave this submissions at the 8th annual national conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), with the theme: “Role of Insurance and Pension In Building Sustainable Economic Growth Under The New Government,” held in Lagos on Thursday.
During a significant address at the recent gathering of financial experts, Mr. Oguche Aguda, Chief Executive Officer of the Pension Operator Association of Nigeria (PenOp), conveyed a pressing concern shared by both the insurance and pension sectors: the dearth of public confidence.
Represented by Mr. Akinbola Akintola, Head of the Research Department at PenOp, Aguda articulated the critical role that public perception plays in the success of these vital sectors.
He argued that without a strong foundation of trust and confidence, the growth of these industries would be severely hampered, which, in turn, would impede the nation’s overall economic prosperity.
Aguda’s call to action resonated with operators in both sectors. He urged them to embark on concerted efforts to enhance their public image, emphasizing that a renewed sense of confidence among the public is fundamental for growth and progress.
In his address, Aguda underscored the interconnectedness of the insurance and pension sectors with the broader economy.
He stated that these industries, which safeguard the financial future of individuals and businesses, are integral components of a thriving economic ecosystem. Therefore, addressing the issue of public confidence is not only a matter of sectoral importance but also a crucial driver for the country’s economic well-being.
Aguda’s message served as a stark reminder of the pivotal role trust plays in the financial world. It served as a rallying cry for operators to prioritize the restoration of public confidence in the insurance and pension sectors, recognizing that their success is intricately tied to the nation’s economic prosperity and stability.
According to the research trustworthy information is increasingly becoming readily available, reshaping the landscape of Insurance and Pension awareness and adoption in previously underserved communities. Also, the rising tide of trustworthy insurance and pension information in low penetration markets is a testament to the positive impact that knowledge and accessibility can have on individuals and communities.

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