NAICOM eyes annuity, oil, gas as deal breakers for insurance sector

Sunday Thomas

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Chuks Udo Okonta

While the insurance industry regulator – National Insurance Commission (NAICOM) is working assiduously to open more space for the sector to thrive, it is placing more attention on annuity, oil & gas underwriting which portend haven of opportunities.

The Commissioner for Insurance Sunday Thomas, at an insurance event in Uyo, Akwa-Ibom State, recently said NAICOM is working hard to maximize full insurance potentials in the oil and gas sector, through blocking of all leakages, adding that the Commission is taking advantage of the Local Content Act to ensure insurance operators enjoy opportunities provided for them in the Act.

He told Inspenonline on the sideline of the event that NAICOM is presently engaging life insurance operators on how to expand their annuity operations to enable them play big in the N17.07 trillion pension market.

He noted that the Commission is committed to its mandate of putting insurance in its rightful place in the economy.

According to him, on retail business, NAICOM is working with insurance operators to strengthen the agency network, adding that works on the network would possibly be concluded by the end of this month.

He submitted that the transformation of the network would proper position agents to effectively promote retail insurance practice.

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