The Nigerian Insurers Association (NIA), the umbrella body of all registered insurance companies in Nigeria is putting in place a coordinated approach to deliberately reduce the insurance gap in Nigeria currently put at about 98 percent.

The chairman of the association, Mr Wale Oshin told reporters in Lagos that, reducing insurance gap in Nigeria and creating awareness of the industry would form core discussions at the fourth coming International Insurance Conference holding in Abuja next week.

The core objectives of the conference according to him were: to deepen insurance penetration and density in Nigeria; to reduce insurance gap in Nigeria; To create awareness about insurance; to take insurance closer to the government; and to reposition insurers for global competition.

The Conference which has the theme "The Challenges of Ethics, Market Adjustment and Reforms in the Face of Current Global Economic Meltdown" would brainstorm on solutions to the persistent economic decline in insurance.

He said, "Scholars, academics, practitioners, analysts and other stakeholders have canvassed different solutions to the present situation but it does appear that this financial crisis is defying all known palliatives and all known economic theories.

"This conference is part of our own response and contribution to the search for a panacea to the effect of the Global Financial Crisis on the Insurance sector."