NAICOM to Deploy New Strategies to Grow Insurance Sector
The National Insurance Commission has said that it would deploy new strategies to grow the insurance sector.
The Commissioner for Insurance and Chief Executive Officer, National Insurance Commission Mr Sunday Thomas, during a seminar for insurance journalists in Lagos, said that NAICOM plans to achieve this through mutual collaboration with the media and other relevant stakeholders.
“As regulators, we would continue to consolidate on the administration’s cardinal agenda of developing the market and fostering insurance inclusion along with mutual collaboration of the press and other relevant stakeholders,” he said.
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Thomas said the commission would continue its execution of various regulatory and market development initiatives to uplift the insurance sector to a global standard.
“This will be achieved through a 12-point laid down initiatives that will focus on engaging stakeholders including state governments towards ensuring domestication of the laws to ensure compliance with compulsory insurances and improve the business of insurance in their respective states; driving the Market Development and Restructuring Initiative to promote compulsory insurance products; feasibility Assessment for Index Based Risk Transfer Solution in the agricultural sector; financial inclusion drive via focused insurance awareness campaign for the financially excluded.”
He added that the commission would “launch the Insurtech Accelerator Platforms under the Insurance Market Development programme i.e Bimalab Programme in conjunction with FSD Africa.”
According to the NAICOM Commissioner, there is an ongoing collaboration with FSD Africa on developing a Risk Based Capital Model for the Nigerian Insurance Industry to promote the development of products and business models that meet the needs of the financially excluded group; while an automation of the commission’s processes; including capacity development programme and risk based supervision regime; regional Integration and setting up of the insurance sector committee on African Continental Free Trade Area are other key areas that would be given further focus.
Thomas added, “At this period of rejuvenation, it calls for the Nigerian insurance sector to develop innovative products and distribution channels, embark upon massive infrastructural development, improvement in social safety nets scheme, rejig business continuity plans and general deployment of technology to meet the expectation of today’s consumers and create new experiences that add value.
“The insurance sector plays a vital role in financial inclusion because it reduces the poverty line, assist people to manage their risk and protect them from negative adverse effect of any unforeseeable circumstances as well as increases access to other financial services,” he stressed.
Punch/Hauwa Abu
