Insurance

NAICOM brews new reforms, initiatives

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Chuks Udo Okonta

The Commissioner for Insurance, Sunday Thomas, has said the National Insurance Commission (NAICOM) is open to new ideas and shall continue to introduce new reforms and initiatives in line with international best practices that will strengthen insurance institutions.

Thomas, who said this at the College of Insurance and Financial Management (CIFM), noted that it is imperative to note that under the current dispensation in NAICOM, Human Capital Development anchored on relevant upscale of skills, digitalisation and product innovations, effective/efficient service delivery remain the strategic focus.

According to him, several initiatives have been designed by the Commission to facilitate attainment of the strategic focus which will redefine the future of the Nigerian insurance market.

“To this end, the Commission has already commenced the Actuarial Capacity Development Programme in collaboration with the CIFM. The programme is expected to develop 100 Certified Actuarial Analysts and possibly a minimum of five (5) Actuaries in Nigeria by the year 2024. This is an important component of the Commission’s strategic focus on capacity development,” he said.

He posited that the Commission is also internalizing the human capital development initiative through the effective plan of action for the takeoff of its academy, stressing that NAICOM would soon be requesting for assistance of erudite scholars in the insurance industry to fill the identified Knowledge gaps in the regulatory system.

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