Guinea Insurance Boss pledges positive reforms

Mr. Godson Ugochukwu, Chairman of the newly constituted Board of Directors, Guinea Insurance Plc, has assured the insured that the company have positioned itself to go with the current tide of structural and operational changes in the insurance industry.

Ugochukwu, who disclosed this on Wednesday, while briefing journalists in Lagos, said that since there is renewed focus on corporate governance, “the Board has spent a significant proportion of its time examining and strengthening the operational processes throughout the company. Having a solid corporate governance framework is key to rebuilding trust and transparency with all stakeholders.” He added.

According to him, “Contrary to fears that the decline in national revenue occasioned by the fall in oil price and depreciation in the naira value, would spell hardship for insurance industry as expressed recently by insurance practitioners, I am of the believe that the insurance sector has the potential to grow volumes and enhance shareholders’ value but it requires insurance companies to device means of taking advantage of growth opportunities around them because doing so, would not only increase its penetration but also, enhance awareness and the sector’s contribution to GDP.”

“As a company destined for greatness and propelled by a Board of Directors and Management team with insatiable thirst for success, we keep the faith that there are no limits, there are only plateaus.

“We have therefore, taken steps to ensure that our greatest asset – our people, are enhanced through human capital investment. I am pleased to say, that in such a short while, we are beginning to experience growth in our business. I therefore, make bold to say that the future is indeed very promising.”

NEWSVERGE reports that the former Chairman and four Directors from the Board of the underwriting company were retired owing to the implementation of the Code of Governance of the National Insurance Commission (NAICOM) in 20150, as stipulated in section 5.04 (vii) of the 2009.

The implementation of Corporate Governance Code of NAICOM was aimed at ensuring sound business practice, effective compliance with all statutory requirements.

The erstwhile Board members have served over nine years.

It is also worthy of note that the insurance sector in Nigeria is confronted with numerous challenges: economic downturn, low level of coverage for insurance services in the country with approximately 1.5 million insurance policy holders out of the over 170 million population patronizing insurance services and products. This low penetration rate demonstrates that there is a dearth in the level of acceptance for insurance products among the people and institutional clients.