NAICOM Restates Commitment To Collaborate With Stakeholders In Promoting Good Business Practices

 NAICOM CEO, Mr. Olorundare Sunday

The  National Insurance Commission (NAICOM), said it remains committed to the development and growth of the Nigerian insurance industry and would continue to collaborate with all stakeholders in promoting and entrenching good business practices.

The Commissioner for insurance/Chief Executive Officer of NAICOM, Mr. Olorundare Sunday Thomas said this yesterday at the Nigerian Council of Registered Insurance Brokers (NCRIB) 2023 Chief Executive Officers Retreat Held at Ogere in Ogun State.

Speaking on the theme of the retreat “Planning”, the NAICOM boss emphasized the need for collective planning for the growth of the Nigerian insurance industry.

“It is important to reiterate that collective planning is as necessary as individual planning; if we do not collectively plan to succeed then we might fail collectively…”, Mr. Thomas stated.

While warning the brokers to avoid the obvious temptation to resist innovative regulatory and supervisory initiatives intended to make the industry more relevant to the economy, he said “I must reiterate that regulatory changes are continuous given the changing dynamics of the operational market environment.  

“We must therefore avoid the obvious temptation to resist innovative regulatory and supervisory initiatives intended to make the industry more relevant to the economy. We cannot continue to wait; we must confront our challenges before our challenges consume us.”

Calling on the brokers to do more in contributing to the growth of the industry Mr Thomas said “I must also emphasize that insurance brokers have very important roles to play in our collective aspiration to reposition the industry. This includes projecting the additional values created by the new regime of Third-Party Motor insurance cover, the NAICOM Portal, improved soundness and stability of insurers, better market conduct practices and fair treatment of insurance consumers, as well as ongoing collaboration with state governments on compulsory insurances, among others.

“The recent subsidy removal by the federal government exacerbates the need to project the value proposition of insurance beyond the conventional perception, as there will be a “complex rationing” which could further relegate insurance demand. We must upscale our business models to attract individuals who are leaning towards creating Sinking Funds.  Furthermore, economic activities may reduce in the short run, so we must optimize our management expenses in order to avoid the pressure of an off-peak period, while not forgetting to prepare for the possibility of cost-push inflation.”

Earlier in his opening speech, NCRIB President, Mr Rotimi Edu, gave an insight into the rationale behind the NCRIB CEOs Retreat even as he pledged the Council’s commitment to the lofty ideals for all its members.

According to him, the CEOs Retreat has remained a permanent feature of the Council’s yearly programmes bringing together top notch executives of each of the member companies for the purpose of learning, relaxation  and networking. You would recall that the last year’s edition was held at the Epe Resorts and members had a swell time with unforgettable memories. I assure you that this year’s retreat would even be grander.

“This is an auspicious occasion for me to once again express my delight that with your cooperation, the “Brokers-Centric” focus of this current leadership has been recording good success. We are all witnesses to the increasing tempo of members interest in activities of the Council, while the same interest is being stimulated amongst Insurance Companies who do everything possible to collaborate with our Council for their enhanced bottom-line and ultimate corporate progress. I assure you we would continue to commit to these lofty ideals for all our members, with your sustained cooperation and support.”

Those who facilitated at the Retreat included Professor Baale, promoter of the Netherlands Business School and Executive Director of Leadway Assurance, Ms Tola Adegbayi.