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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has identified lack of public trust; market fragmentation; regulatory reforms; digital transformation and adaptation as fundamental issues plaguing the insurance industry.
The Commissioner for Insurance/Chief Executive Officer NAICOM Olusegun Omosehin, disclosed this in a keynote address presented at the Insurance Meets Tech (IMT) 2024 in Lagos, adding that to achieve the objective of revitalising the insurance industry, stakeholders must of necessity address the identified fundamental issues plaguing the sector.
Omosehin, who was represented by the Head, Lagos Control Office NAICOM Julius Odidi, while speaking on the theme, ‘Revitalising the Insurance Industry to Risk-Manage Nigeria’s One-Trillion-Dollar
Economic Aspiration’, noted that essentially, revitalising the Nigerian insurance industry to risk-manage Nigeria’s One Trillion Dollar Economy literally speaks to the insurance industry’s readiness and preparedness to de-risk the activities that is projected to galvanise productivity, innovations, economic growth and development.
He submitted that in furtherance of the need to address the fundamental question of how to attain the sector’s intended goals, NAICOM had resolved to place high priority to settlement of genuine claims as that is the fundamental reason of the existence as an industry. “One of the enshrined and fundamental responsibilities of the Commission as a regulator is the protection of policyholders, hence the Commission prioritized prompt settlement of all genuine claims, fair treatment of policyholders and utmost transparency as some of the ways to boost insurance industry’s image and support economic growth,” he posited.
The regulator submitted that with the rapid changes in technology and economic/business environment, it has become necessary to reawaken the need for the industry to rise up to the current realities of what is
expected of it as an industry.
“This will lead us ask the question; are we where we should be as an Industry? And your answers may definitely not be different from mine –No.A further question will now be; how do we intend to get to where we should be?” he enquired.
