The contribution of the insurance industry into the country’s gross domestic product (GDP) is less than one per cent over the years.
This, according to the Minister of Finance, Mrs. Kemi Adeosun at a recent event of the Nigerian Council of Registered Insurance Brokers, (NCRIB) in Abuja, is not ideal for the growth of the Nigerian economy.
To redress the situation, different players in the Nigerian insurance industry have engaged the insuring publics to enhance insurance contribution to the country’s GDP.
Sovereign Trust Insurance Plc is leaving no stone unturned is ensuring that insurance contribution to the GDP of Nigeria increases from the present under one per cent. It is for this that the underwriting company is sponsoring the Ibadan Open Golf Tournament for the past six years.
This act of Sovereign Trust Insurance Plc is in line with the position of Prof. Anne Gregory of the University of Huddersfield, United Kingdom that stakeholders should be involved in developing corporate brands.
This year’s tournament, the 6th Sovereign Trust Open Golf Tournament was won by Olajide Owolabi while Evelyn Oyome won the female category as Chief Babajide Olatunde-Agbeja CEO of the brokerage firm, Boff and Company clinched the insurance practitioner prize.
Managing Director/Chief Executive Officer of the company, Mr. Olaotan Soyinka who spoke through the Assistant General Manager/Head of Corporate Communications and Brand Management, Mr. Segun Bankole, assured Ibadan Golf Club of the firm’s resolve in supporting the game of golf and sports development in general. “As a socially responsible corporate entity, we will, as much as the opportunity avails us, to continue to support and promote sporting excellence and qualitative recreation both locally and internationally”, Bankole added.
Beyond its generous support for the development of the game of golf, Sovereign Trust Insurance is deploying its sponsorship of the elite game as a tool to penetrate the vast insurance market.
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