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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has said efforts are ongoing to conclude work on the 10-Year Nigerian Insurance Industry Strategic Master Plan which would identify and address some of the key challenges of the sector, among others.
The Commissioner for Insurance Sunday Thomas, said this yesterday at the 2023 Insurance Industry Professionals’ Forum in Abeokuta, Ogun State, stressing that the sector has come to realisation of the need to be strategic in its response to the emerging challenges.
Thomas told professionals gathered at the event that the next phase of the Commission’s quest for a safe, strong and stable insurance sector in Nigeria is the implementation of a Risk-Based Capital (RBC) for the sector, which in turn will boost trust and confidence in the sector.
He also urged the industry practitioners not to ignore issues relating to governance as it played a significant role in the long term survival of business entities, adding they have seen many big business entities collapse due to poor governance structure.
“On a positive note, the sector has come to the realization of the need to be strategic in its response to the emerging challenges.
“This is why efforts are ongoing to conclude work on the 10-Year Nigerian Insurance Industry Strategic Master Plan which will identify and address some of the key challenges of the sector, among others,” he posited.
The regulator reiterated the compelling need for a more collaborative disposition of operators in the industry to strategic initiatives of the Commission designed to reposition the industry, stressing that it is only in an environment of harmony and cooperation that the Nigerian insurance industry can collectively be focused on resolving the problems that confront this industry.
Thomas submitted that NAICOM would continue to extend its usual hand of fellowship to the industry to work together for the good of the Nigerian insurance industry.
