The Chartered Insurance Institute of Nigeria has urged the management of Staco Insurance Plc to ensure it has and maintain sound risk assessment system to protect shareholders’ fund.

The institute also urged the company to take a position on sound rating of businesses, as well ensure there is no gap in its reinsurance programmes.

The President of CIIN, Edwin Igbiti, gave the charge while speaking on ‘Insurance contribution’ at the firm’s management retreat in Lagos.

He said the management should ensure regulatory requirements and compliance on all its dealings.

This, he said, should include excellent customer relations; reflecting in prompt claims payment, delivery policy document, response to proposal and quotation, as well as prompt servicing of policyholders at all times.

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 The CIIN boss advised the company not to be delisted from the Nigeria Stock Exchange, but rather attract and maintain big ticket transactions outside government businesses.

According to him, insurance contribution can be said to mean the part played by insurance in bringing about a result or helping the growth and/or advancement of the country.

He said, “This has many facets and each company has its own quota that makes up the contribution to the whole insurance space, which as at year 2021 financials is at 0.88 per cent of the country’s GDP.

“Of this less than one per cent, Staco must ensure that it continues to improve on its outputs to be a positive force to be reckoned with in the insurance industry,”

He said at the Nigeria Stock Exchange in year 2007, Staco share price was traded at N6.82 and made investors to enjoy both capital gains and dividends, which made the company to pride itself as a market leader in that year.

By Vision

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