Wapic Insurance Plc says it is working on strategic initiatives to promote business sustainability and insurance relevance among capital market operators.
This was made known during the firm’s inaugural business breakfast meeting with the theme, “Business sustainability in economic recession: A risk management perspective,” which took place at its new head office in Lagos.
The firm, in a statement obtained on Sunday, said that the meeting brought together chief executive officers and other key stakeholders of the capital market industry with the ultimate aim of discussing pragmatic solutions to the economic issues in the country.
Wapic stated that the Chief Risk Officer, Continental Reinsurance Plc, Mr. Abayomi Oluremi-Judah, reiterated that for the sustainability of businesses in economic recession, companies must pay sufficient attention to managing risks in all ramifications.
He identified insurance as a veritable way of mitigating risks and urged insurance companies to be creative and develop suitable products for the risks being faced during recession.
“Consequently, insurance policies should be repackaged such that there is an investment portion, which can be used for long-term developments. In addition to this, relationship between the capital market operators and insurance companies is imperative towards the development of products such as bonds to drive infrastructural development,” Oluremi-Judah said.
According to him, insurance serves as the risk backbone for the capital market operators.
The Chief Executive Officer, Chapel Hill Denham, Mr. Bolaji Balogun, said that the Nigerian economy required basic investments in critical sectors such as power and transportation, especially rail, as this would reduce the current spending on fuel and power generation by individuals and enterprises.
He said that this would also allow for more funds for savings, investment and infrastructure.