Insurance

NAICOM seeks collaboration to reduce insurance gaps

From left: Managing Editor, Commercial Risk Africa, Liz Booth; Director Inspectorate, National Insurance Commission, Pius Agboola and Head, Non-Life Technical, AIICO Insurance, Ezekiel Olukolapo at the event.

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Chuks Udo Okonta
The need for collaboration towards reducing insurance gaps in developing nations cannot be over-emphasized, the National Insurance Commission (NAICOM), has said

The Director Inspectorate, National Insurance Commission (NAICOM), Pius Agboola, who said this at the Risk Frontiers West Africa 2018 in Lagos, identified some areas where there are still gaps to be filed by insurers. According to him, these areas include, natural catastrophes; Cyber crimes/risks; healthcare; pensions and emerging risks.

On steps taken by NAICOM to bridge these gaps, he noted that the regulator had introduced micro insurance; issues two Takaful insurance licenses; Bancassurance partnership with conventional banks while with microfinance banks is in progress; partnership with relevant agencies and state governments on compulsory insurances implementation is in progress.

Other steps according to him are, distribution channels which is being expanded; co-ordination with relevant government agencies for effective insurance of government assets and partnership with relevant government agency(NIRSAL) on agriculture index insurance.

He said the commission had engendered partnership with the operators on awareness creation through the medium of Insurers’ Committee; partnered foreign development agencies for sponsorship And reinforced its zonal/branch offices on insurance education at their domain.

Agboola stated that the regulators is also encouraging specialization; strengthening insurer’s capacity; improving insurance penetration; attracting foreign investment and encouraging healthy competitions.

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