By Bisi Bamishe.
The National Insurance Commission (NAICOM) has disclosed plans to unveil developmental policies that will deepen insurance penetration in the country.
The Commissioner For Insurance/CEO, NAICOM, Mr. Sunday Thomas, made this known at the investiture of Mr Olusegun Omosehin as the 25th chairman of Nigeria Insurers Association (NIA) held in Lagos on today.
Thomas promised operators that NAICOM would continue to support the insurance industry and especially, players by instituting policies that encourage equal access, investment of funds and healthy competition
To actualise the core mandate as an industry, he said, all parties must facilitate improved perception of the insurance industry, as public confidence in the industry depends, among other things, on how promptly and fairly they deliver on their promises and obligations.
He told the operators that “As we are all aware, the Insurance industry still has a long way to go to attain the desired position it should be occupying in the circle of the financial services sector. I must say that I have no doubt in the ability and capacity of the new leadership at the NIA to work with other arms of the industry to deliver on this long held aspiration.
“Distinguished ladies and gentlemen, we are here this evening to celebrate, wine and dine with Omosehin and his team as the new leaders of NIA and therefore, this is not a forum for long speeches. That notwithstanding, I may want to assist the new chairman in his agenda-setting by challenging him and his team with some areas of thought.
“We are not unmindful of the challenges operators in the industry have had to contend with in adapting to drastic changes that are designed to accelerate development and growth of insurance business. The current dynamic socio-political and economic environment in the country obviously calls for realignment by all stakeholders to tackle these inherent challenges. There is the need for a firm handshake with all arms to engender fruitful collaborations and cooperation for the collective interest of all.
“I want to also challenge the new leadership on the vexed issues of settlement of claims. I urge the new leadership to deploy the principle of self regulation to take a critical look into this and other similar issues that are capable of demarketing the industry.
“You will all agree with me that though the sector is beginning to experience improvement in terms of patronage and claims payout, the perception of the industry by majority of the public is still not what it should be. This is unacceptable and it is high time we changed the narrative collectively as an industry. We must all see this business as an interest that we must all protect and I again challenge the new leadership of the NIA to take on this task”, he said.
The new NIA chairman, Omosehin promised that his administration would focus on creating strategic partnerships and stakeholders’ engagement to expand the frontiers of insurance, for which he chose four key areas his administration tend to achieve these plans.
According to him, his team would ensure market discipline, market development and respect for market agreements, insurance awareness and partnership with the media, human capacity building and leverage technology as well as digital & innovation.
His administration, he stressed, would ensure enforcement of all compulsory insurances through effective collaboration with relevant agencies, Implement progressive market development initiatives, among others.
He said, “I want to acknowledge that we will need the maximum support and cooperation of other key industry stakeholders including the industry regulator, the National Insurance Commission (NAICOM), the Nigeria Council of Registered Insurance Brokers (NCRIB); the Institute of Loss Adjusters of Nigeria (ILAN), the Chartered Insurance Institute of Nigeria (CIIN), Association of Registered Insurance Agents of Nigeria (ARIAN), and others, in achieving our goal of a prosperous insurance industry.
“Let me assure our regulator, NAICOM, that we shall work closely with them in all areas, particularly in unpacking solutions that works for a developing market like Nigeria and in ensuring compliance with all extant regulations that will promote the growth and development of our industry”, Omosehin added.
