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Chuks Udo Okonta
The Commissioner for Insurance, Mohammed Kari, has unveiled his agenda for the repositioning of the nation’s insurance industry, with emphasis on continuing with all initiatives started by his predecessor.
He told Inspen that his main objective is to continue all the initiatives that had started which for one reason or the other has been delayed or has not been implemented properly.
According to him, the Market Development and Restructuring Initiatives (MDRI) is being revamped to meet the set target, adding that the commission under his watch has taken some steps to ensure government and the public embrace insurance.
“The plan of the management going forward, is to continue all the initiatives that had started which for one reason or the other has been delayed or has not been implemented properly.
“The MDRI is an initiative we would continue with, because it was designed to help the penetration of insurance and we can still do a lot on that. What we have done to strengthen the implementation, is to set up an internal unit that is specifically, assigned to handle public sector insurances and advices.
“Towards that, we have issued a circular to all Ministers; Ministries; the Head of Service; Secretary to the government; Permanent Secretaries; Head of MDAs, including the the Chief of Staff to the President. Highlighting to them the role of NAICOM is ensuring that the insuring public are insured properly,” he said.
He said the unit will assist the MDAs in structuring their insurances properly, stressing that the commission has given agencies a template on necessary information such as how to access government assets that need insurance and more.
Kari noted that the commission would be working in conjunction with the Minster of Finance and the Budget office to ensure that all government’s assets when identified and valued appropriately, provided for in the budget and paid for the purpose of insurance.
He said his team is also working with the Federal Road Safety Corporation on motor insurances, and the Fire brigade on public buildings, stressing that the initiatives are all geared towards deepening insurance penetration.
He said the commission is making efforts to ensure that all the initiative works.