Chairman of Rex Insurance Limited, Mr. Ike Chioke, has called for stronger frameworks for the insurance and pension industries to boost economic growth.

Chioke, who is also the Group Managing Director of Afrinvest Limited, made the call at the 10th Anniversary Conference of the Nigerian Association of Insurance and Pension Editors on Tuesday in Lagos.

The annual conference was a gathering of industry professionals, stakeholders, and regulators, including corporate communications professionals such as former Commissioner for Insurance Mr. Sunday Thomas, Commissioner for Insurance Mr. Olusegun Omosehin, Director-General of the National Pension Commission Ms. Omolola Oloworaran, Managing Director/Chief Executive of Rex Insurance Mrs. Ebelechukwu Nwachukwu, and Executive Director of Business Development Mr. Sunny Uwagboi.

In his paper ‘Strengthening Insurance and Pension Frameworks for a Better Economy’, Chioke emphasised the need to strengthen the frameworks to ensure long-term economic stability and financial inclusion.

Speaking at the event, Chioke, who was represented by Group Deputy Managing Director, Afrinvest Limited, Mr. Victor Ndukauba, said, “Insurance and pensions are twin pillars of financial security that not only protect against risks but also mobilise long-term capital and foster sustainable growth. They are not mere financial products; they are the backbones for a resilient economy.

“To transform these sectors into engines of economic growth, we must strengthen their frameworks at all levels,” he added.

Note that immense progress has been made by the insurance and pension sectors of the economy. Mr. Chioke acknowledged the need to address emerging challenges around ESG integration, AI, cybersecurity, and the evolving dynamics of work, including the gig economy.

In conclusion, the Chairman of Rex Insurance Limited called for greater collaboration among stakeholders, increased public awareness, and sustained regulatory innovation to ensure the continued impact of reforms.