Continental Reinsurance has emphasised the need for continuous leadership development to drive growth and expand the impact of insurance on the Nigerian economy.
This message was sounded at a recent CEO Breakfast event organised in Lagos by Continental Re which was attended by insurance CEOs and other top executives in Nigeria.
Continental Re's keynote speaker, Dr Akin Oparison, a senior fellow at Lagos Business School, in his speech titled, “Leadership Is Common Sense”, said, “Leadership entails, not leaning on the inherent power of your role, but translating the power into influence by using the power to drive your purpose.”
Stressing too the need for trust in the underwriting sector, he said the insurance industry could be a lot more impactful than it is. He said, “In Nigeria, we have the lowest penetration in Africa, and the informal sector of our economy is completely untouched by this industry, not because they don’t need the services you provide but because they are telling themselves, at great cost and pain, that they can do without you.”
Continental Re’s group managing director, Mr Lawrence Nazare, pointed out that insurance penetration is primarily a distribution issue, and that there is a need to address a larger percentage of the needs of various sectors.
Instead of focussing on only large businesses like the oil and gas sector, he said, “We have to create retail solutions for the retail segments.”