Insurance Growth: NAICOM To Introduce Developmental Policies To Support Operators
Commissioner For Insurance/ CEO, NAICOM, Mr. Olorundare Sunday Thomas
In its continued drive to deepen insurance penetration in Nigeria, the National Insurance Commission (NAICOM) said it will introduce developmental policies that will support insurance companies.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olorundare Sunday Thomas stated this at the investiture of Olusegun Omosehin as the 25th chairman of the Nigerian Insurers Association (NIA) in Lagos recently.
Thomas said the commission would continue to support the insurance industry and especially, players by instituting policies that encourage equal access, investment of funds and healthy competition
“Let me assure you that the Commission will continue to support the insurance industry and specifically the operators/players to thrive by instituting policies that encourage equal access, investment of funds and healthy competition. To actualize our core mandate as an industry, we must facilitate improved perception of the insurance industry, as public confidence in our industry depends among other things on how promptly and fairly we deliver on our promises and obligations to our customers and stakeholders.
“The Commission will not relent in protecting all stakeholders in the industry, however, we must all understand and appreciate that the mandate of the Commission cuts across stakeholders with varying expectations thus, the need to implement far reaching initiatives to develop the market and expand the frontiers of the industry while guaranteeing the protection of each stakeholder to the best of our ability,” he assured.
Earlier in his remarks, the outgoing Chairman of NIA, Mr. Ganiu Musa, charged the new president to be strong and focused, even in the face of glaring economic hardship.
He expressed optimism that NIA will continue to cooperate with the insurance brokers’ body to reenergise the Joint Technical Committee, noting that no effort should be spared in exchanging information to make the industry vibrant and contribute to the national economy.
In his inaugural speech, the new NIA Chairman, Mr. Olusegun Omosehin promised that his administration will focus on creating strategic partnerships and stakeholders’ engagement to expand the frontiers of Insurance, while choosing four key areas in which his administration tend to achieve his plans.
He promised to ensure Market Discipline, Market Development & Respect for Market Agreements, Insurance Awareness & Partnership with the Media, Human Capacity Building and Leverage Technology, Digital & Innovation,
His administration, he stressed, will ensure enforcement of all compulsory insurances through effective collaboration with relevant agencies, Implement progressive market development initiatives and among others
While promising to work closely with other stakeholders to maximise the benefits derivable from the provisions of the Insurance Act 2003 and other related legislations, he said the association will seek to leverage all the advantages that technology would provide in its quest to improve accessibility, affordability, adequacy, awareness and the availability of the right insurance products and services to the right customer.
He said his administration will “embrace openness and willingness to collaborate with intra and extra-industry stakeholders (including Fintechs, Insuretechs, etc.) to drive customer centric models for penetrating the market. Upgrade the digital capabilities of the NIA Secretariat to meet and respond to the growing demands of our public”
