NAICOM optimistic of insurance industry growth
The Nigeria insurance industry regulatory authority, National Insurance Commission (NAICOM), said it was optimistic of the growth of insurance industry in Nigeria.
The Commissioner for Insurance, Alhaji Muhammed Kari, expressed the optimism at the first Annual Insurers’ Committee Retreat in Park Inn Hotel, Abeokuta, Ogun State at the weekend, said the industry’s potential is huge and still remains untapped.
“We are not ignorant of the huge potentials available for the industry to attain a lofty height within and outside the Nigerian economy. But these potentials will remain only in our imaginations if we cannot as an industry take advantage of them. So for today and tomorrow, (Friday and Saturday February 16 and 17) our presentations and deliberations will be geared towards achieving the singular objective of developing a roadmap to optimally harness these potentials.
“I am quite optimistic that at the end of discussions, we shall evolve a workable, achievable and of course, Practicable roadmap capable of elevating the status of the industry far above what currently prevails. As we settle into the business for which we have all placed priority over every other engagement, I implore us not to shy away from any issue.
“The idea of the Insurers’ Committee which we have borrowed from the Bankers Committee concept was to; as you would remember; create a platform for the highest echelon of the insurance industry – Top Management of NAICOM being the Regulator and the Chief Executives Officers of insurance companies to dialogue on issues, challenges and proffer solutions for the way forward for the development of the insurance sector in Nigeria.” Kari said.
According to him, “The Committee affords us the opportunity to reach certain decisions on the spot without having to defer to a superior authority. It also creates the avenue that enables us to walk on the same path and speak with one voice towards developing advocacy and interventions for the reshaping of the insurance system to meet the expectations of stakeholders.
“I need not remind us that we are gathered here to redefine our collective future as an industry. As an industry, we have come short in contributing our expected share to national development and other expectations like evolving financial inclusion to financial services deprived part of the Nigerian population,” he added.
