The Nigerian Insurers Association (NIA) on Thursday urged the National Insurance Commission (NAICOM) to sustain the enforcement of the compulsory insurances listed in the Insurance Act of 2003.

The associations’ Chairman, Mr Godwin Wiggle, said this in Lagos at a meeting between the Commissioner for Insurance (CFI), Mr Fola Daniel and NIA member-companies.

The News Agency of Nigeria (NAN) reports that enforcement issues among others were presented at the meeting.

Wiggle said the association was also seeking the assistance of NAICOM to ensure a further amendment of the Companies Income Tax Amendment (CITA) Act 2007.

According to him, the amendment of the Act will relieve insurance companies of the heavy tax burdens inhibiting the desired growth of the market.

The NIA boss said the association had made some giant strides, including strengthening of Customer Complaints Bureau, an alternative dispute resolution mechanism.

“We have also mounted awareness campaigns to increase insurance education among the people.

“This will help to bring more people into the insurance net,’’ Wiggle said.

He disclosed that Energy and Allied Insurance Pool had also been created to curb capital flight from the country.

He added: “It will also help increase retention and building capacity in energy and allied risks underwriting as well as sponsorship of a candidate to pursue a Master of Science degree in Actuarial Science in a UK University.’’

Wiggle advised companies to key into the pool arrangement in order to participate fully in the underwriting of oil and gas insurance risks in the Nigerian market.

“I want to appreciate the industry for the success of the December 2014 insurance summit and to request that insurance companies should key into the goals of the summit which include enforcement of public interest and compulsory insurances.

“Others are to deliver jobs and skills development, build consumer trust and awareness as well as increase access to insurance.’’

Wiggle urged the insurance commissioner to assist the association by supporting its initiatives to ensure insurance penetration in the country.

Also speaking, Daniel called on the association to shore up the fortunes of the insurance companies.

He advised insurers to key into the growth agenda adopted by the government as a fall-out of the insurance summit.