Insurance Industry’s Soundness, Stability Essential For Achievement Of $1 Trillion Economy – NAICOM Boss
The Commissioner For Insurance and Chief Executive of National Insurance Commission (NAICOM), Mr Olusegun Omosehin, says the insurance industry’s financial soundness and stability are essential for supporting businesses and contributing to the $1 trillion economy projected by the present administration for achievement by 2023.
Omosehin said this while giving a remark at the 9th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) held recently in Lagos, with the theme: “Towards A $1 Trillion Economy: Roles of Insurance and Pension Sectors.”
Omosehin who was represented by Mr Abba Halil Inuwa, Head of Corporate Affairs, NAICOM, noted that adequate capitalization, commensurate with insurers’ risk profiles, is vital for the insurance industry’s growth and development.
The Commissioner stated that the desired and pragmatic support for a $1trillion economy could only be achieved by leveraging technology to enhance insurance accessibility, which, he said, has formed the fulcrum of another key area of focus.
He added that consolidated financial solutions and one-stop shops have become the norm, necessitating insurance industry’s adoption as a critical sector of the economy to remain relevant.
“As the insurance regulator, NAICOM is therefore committed to creating an enabling environment that will consistently enhance increased capacity of the insurance institutions, as well as ensuring that the insurance industry becomes stronger and more stable in delivering on its responsibilities,” he said.
Omosehin mentioned that the theme of conference resonates deeply with the insurance sector’s aspiration of contributing significantly to President Bola Ahmed Tinubu’s vision for a $1 trillion economy.
He said in recent times, the insurance sector has been at the forefront of discussions regarding its potential to unlock our economy’s growth.
The NAICOM boss stated that as a vital component of the financial sector, insurance plays a critical role in mobilizing savings, managing risk, ensuring financial stability, creating job opportunities, and driving long-term projects and infrastructure development.
According to him, to achieve these objectives, the commission has implemented various market developmental initiatives aimed at enhancing the insurance sector’s competitiveness and robustness.
He said: “In line with the insurance industry roadmap, we have identified five critical areas for immediate implementation.
“These encompass safeguarding policyholders’ interests; strengthening supervisory capabilities; improving industry safety and soundness; fostering innovation and sustainability; and enhancing insurance accessibility and penetration.
“With the current strategies in place, the Nigerian insurance market is poised for rapid and stable growth, characterized by significant improvements in operational statistics.
“A collaborative effort among sector stakeholders will facilitate seamless growth. Our collective focus must remain fixed on fulfilling obligations to policyholders.
Omosehin noted that prompt settlement of genuine claims is crucial to market growth, addressing the sector’s obvious and perceived challenges.
He acknowledged the essential role NAIPE is playing in shaping and maintaining a positive image for the insurance industry and the financial sector at large.
The Commissioner noted that the collective and individual efforts of NAIPE members are truly commendable and deserving of recognition.
“I extend my sincerest appreciation to NAIPE for promoting the insurance sector positively across various platforms; I am very optimistic that pension and insurance editors can work together to promote financial literacy and education.
“Clear, concise, and accurate reporting can empower the public to make informed decisions about retirement planning, insurance coverage, and investment.
“I need not overstate the expectations of constructive feedbacks and suggestions from this conference, that will galvanize our collective contributions to the policy reforms and growth of our economy.
“Let us explore opportunities in collaboration as we maximize our valuable and selfless service that can propel the sector and national economy forward,”he said.
In his address, Chairman of the occasion, a former Commissioner for Insurance, Mr Fola Daniel, said the theme of the conference was not just timely but essential, as we navigate the challenges and opportunities ahead.
Daniel, also Former Managing Director/CEO of FBS Reinsurance Limited, stated that the conference was a pivotal moment in the insurance industry—one that calls for reflection, innovation, and collaboration.
He noted that over the past decade, NAIPE has grown from a nascent idea into a formidable platform that champions a vital role in the insurance and pension sectors.
According to him, the mission of NAIPE has always been clear: to enhance the quality of information disseminated to the public and to foster a deeper understanding of the complexities within our industries.
“Today, we are privileged to have with us a diverse array of speakers, thought leaders, and industry experts who will share their insights on the evolving landscape of insurance and pensions.
“Editors carry a significant responsibility. They are the gatekeepers of information, the storytellers of our industries.
“It is our duty to ensure that our narratives are not only accurate but also accessible to the public. In a world where misinformation can spread like wildfire, our role has never been more crucial.
“Let us use this conference not only to learn, but to forge stronger connections and partnerships that will benefit our industries and by extension, the people we serve,”he added.
The conference attracted stakeholders in pension and insurance sectors, as well as retirees and university students.
