Lagos partners Insurance firms to grow GDP

Eniola Ajayi, Lagos

Lagos State Governor, Mr. Akinwunmi Ambode (middle); cutting the tape to commission the Wapic Insurance Plc. Head Office at Ikoyi . With him are Chairman, Access Bank, Mrs. Mosun Belo-Olusoga; Chairman, Board of Directors, Wapic Insurance Plc., Mr. Aigboje Aig-Imoukhuede; Managing Director of Wapic, Mrs. Adeyinka Adekoya and Group Managing Director, Access Bank, Mr. Herbert Wigwe.

The Lagos state government says the much awaited Health Insurance Scheme of the state will commence in early 2017.

The government expressed readiness to partner with key players in the sector to use insurance to grow the Gross Domestic Product (GDP) of Lagos.

At the commissioning of the new WAPIC Insurance Corporate Head Office in Ikoyi, the state Governor, Akinwunmi Ambode said there was no question about the strategic importance of insurance to any economy, saying that his administration was open to policies and initiatives that would make the sector to thrive in the state.

Governor Ambode challenged key drivers of the insurance sector to come up with draft bill that would accelerate insurance business in Lagos.
He said he was open to initiatives that would make the sector grow and contribute positively to the growth of the state.

“The insurance business is here to stay and I want to also say that I give our government’s commitment to allow this sector to grow, I will like to partner and also learn how we can grow the GDP of Lagos through your industry, on our part, we know very clearly that early next year, we are going to start our Health Insurance Scheme and I just think that the drivers are the majority of the people who are seated here and it is important that we partner together and also learn together,” Governor Ambode explained.
He said there was great need for insurance for individuals and the legal regulatory framework to be explored and expanded with the view to ensure the growth of the sector and that it was important for government not to be left alone to handle all issues affecting or that
should affect the sector.

The Governor pledged that his administration will continually identify and support insurance organizations to accelerate the efforts at creating the new Lagos of positive dreams.

“We are committed to introducing new incentives for businesses in Lagos to enable them grow and also support our society and take more of our youths off the street, the ease of doing business is of concern to us and as a result, we are working to improve the indices of doing business in Lagos, while we continue in our commitment to carry out judicial and security sector reforms,” he stressed.

Most important sector
Chairman of WAPIC Insurance, Mr Aigboje Aig-Imoukhuede saluted Governor Ambode for his understanding of the importance of the insurance sector, saying that insurance remained the most important economic sector of the world according to modern day reality.

According to Aig-Imoukhuede, insurance makes the world liveable and cheaper and that the commissioning of the new building not only signpost the transformation of WAPIC Insurance, but also the transformation of insurance sector in Nigeria to take its rightful place.

Governor Ambode also received a donation of N20million on behalf of the Lagos State Security Trust Fund from WAPIC Insurance.

Confidence O