Future of Annuity business looking bright – NAICOM
Acting Commissioner for insurance, National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas, has said that the future of Annuity business is looking bright.
Thomas made the disclosure today while giving his keynote address at the seminar organized for insurance journalists in Kano.
He said annuity business made headlines recently with a boost in the contribution of the business to the sector, adding that the public is becoming more exposed and knowledgeable about the workings of Annuity.
NAICOM boss said the future of annuity business is looking very bright as we have witnessed, noting that this has also shown a positive growth in trust and confidence in the sector.
On recapitalization, he said the Commission is committed to ensuring financial soundness and viability of the insurers and the adequate protection of policyholders at all times, adding that these will continue to be part of the Commission’s regulatory priorities.
He assured that NAICOM will continue to ensure that genuine claims are promptly paid while also ensuring a reasonable protection of investments of shareholders.
Thomas said in demonstrating its willingness to protect the policyholders, the Commission has further strengthened its Complaint Bureau Unit to respond to public complaints over claims settlement, stating that the available statistics have shown that there have been great improvement in this area.
NAICOM boss said The theme for the seminar “Strategic Focus of the Commission in the year 2020; from Compliance to Development” is apt and timely as the Commission is shifting focus from compliance issues to emphasise more on its market developmental responsibility.
“As the Year 2020 continues to unfold, giant strides will be made by the Commission in all aspects of its statutory responsibilities. This is the time to put the past behind us and look forward to a better and more vibrant sector. The task of building an insurance sector of our dreams is a collective one and thus, all hands must be on deck to ensure our dreams become realities.
“We recognise the impact of conducive work environment to effective and efficient regulatory system and this will always remain our priority.
“The second phase of the MDRI will soon be unveiled and it will mark out clear targets and tasks for all stakeholders in the industry. Going forward, we shall vigorously pursue the continued implementation of Compulsory Insurances in every nook and crannies of the Country. We are certainly not unaware of the challenges inhibiting the successful implementation of these classes of insurance thus far hence, our resolve to work with relevant stakeholders to ensure a seamless drive.
Indeed, the successful implementation of compulsory classes of insurance across the nation will ensure adequate protection of our strategic National Assets. We will be working with the relevant security agencies to guarantee effective and efficient monitoring of compliance, Thomas said.
