NAICOM Lists Five Priority Areas For Immediate Implementation
In recognition of its role in the transformation agenda of the Nigerian insurance sector, the National Insurance Commission (NAICOM) has set out five priority areas for immediate implementation.
These include safeguarding policyholders and improving confidence in the Industry; strengthening our supervisory capabilities and organizational effectiveness; improving safety and soundness of the Nigerian insurance industry; fostering innovation and sustainability of the Nigerian insurance industry; and enhancing overall insurance accessibility and penetration in Nigeria.
Omosehin disclosed this in his Keynote Address, delivered by his representative, the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerette Ola Gam-Ikon, at the Chartered Insurance Institute Of Nigeria’s year 2024 Insurance Professionals’ Forum, held recently at Park-Inn Hotel, Abeokuta, Ogun State.
The theme of the Forum was “The Insurance Industry: Transformation Strategies towards Expanding Market Reach”
He said the policy thrusts of the Commission’s new administration will thrive on the above priorities which will in turn shape the direction of regulation in the industry.
According to him, “What elated me about this year’s forum and the theme is the fact that the insurance industry had only recently launched the “Nigerian Insurance Industry 10-yearTransformation Roadmap” which is the framework that is expected to guide transformation of the insurance industry in the country in the next 10 years.
“The rapid changes in the business environment and adoption of effective strategies to meet up with current realities are veracities that cannot be ignored.
“It is in the light of this that the Commission crafted and developed its four-year Strategic Plan (2024 – 2027) which took into cognisance the strategic imperatives from the industry transformation roadmap as well as the current macroeconomic realities in Nigeria as a whole.”
Another key area of correlation between the ‘industry roadmap’ and the Commission’s Strategic Plan, Omosehin stated, is the transformation of the regulatory environment.
He posited that the Commission is undergoing structural and administrative reforms to ensure organisational and operational effectiveness, adding that the reforms are expected to impact on all aspects of its operation as a regulator.
“The Commission has created a new Directorate for innovation and regulation. It is our belief that we cannot achieve different results whilst doing the same things and that is why our current structure reflects the dynamism and realities of current regulatory requirement.,” NAICOM boss added.
