Bisi Bamishe
National Insurance Commission (NAICOM) is trying to open up the market across the geo-political zones by reaching out to the states where insurance penetration is perceived to be very low.
Commissioner for lnsurance (CFI), Sunday Thomas made this known at the weekend in Uyo during 2022 retreat organised by the Commission for financial journalists.
He disclosed that NAICOM expect the industry to respond to these efforts by bridging the supply gap and ensure they follow up on the Commission’s move to create awareness among high ranking policy makers in order to prove that the industry is ready for the booming opportunities awaiting them across the country.
“We can gladly say that the Nigerian Insurance market has undergone substantial structural and regulatory reforms over the years following the market development initiatives being implemented and the evolution of Nigeria’s financial sector in the last decade which has been characterized by digital transformation’, he added.
The theme for this year’s retreat “Improving Insurance Access through Market Development and Innovation in 2022 and beyond” was, according to Thomas, specially couched to consolidate on his administration cardinal agenda of developing the market and deepening penetration.
The Commission has been implementing various market developmental initiatives to lift the insurance sector to a global standard through: Risk Based Supervision Framework, encouraging investment in digital capabilities and automation, enforcement of the compulsory insurance products in Nigeria, capacity development programmes, sensitisation of various stakeholders and ntroduction of regulatory reforms and policies.
CFI asserted that NAICOM’s efforts in the development of the market is an all inclusive one from the creation of avenues to deepen insurance penetration to increasing access to insurance products via digital platforms and increasing visibility of insurance across the nooks and crannies of the country.
He started further that the Commission recently partnered with Financial Sector Deepening Africa, FSD Africa to launch the Bimalab Nigeria, a program aimed at accelerating the insurtech innovation.
“The Commission will soon be unveiling the Commission’s sandbox to give room for innovative expansion of insurance reach out. The web aggregators’ guideline is also aimed at opening access to insurance and also a means of creating a convenient market for insurance”, he added.
