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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has said strong financial base is key to success of the insurance industry.
The Commissioner for Insurance Olusegun Omosehin, said this at the 2024 Chartered Insurance Institute of Nigeria (CIIN) Professionals’ Forum in Abeokuta, Ogun State.
The Commissioner who was represented by the Deputy. Commissioner for Insurance, Finance and Administration Ekerete Ola Gam-Ikon, noted that as a Commission, NAICOM has resolved to pursue, as a priority, the safety and soundness of its regulated entities.
“Remember the words of Benjamin Franklin: “one rotten apple, spoils the barrel”. We are all witnesses to what this has caused us as an industry and are now more determined to rid ourselves of that cankerworm,” he posited.
Omosehin submitted that the industry needs
institutions that compete favourably with other sectors in terms of liquidity, capitalisation and expertise, stressing that these and many more factors are to be considered if stakeholders must see the insurance industry of their dreams.
The Commissioner noted that
the theme for this year’s forum – ‘The insurance Industry: Transformation Strategies towards Expanding Market Reach’ – could not have come at a better time, adding that it is not only apt, but accurately contextualised to broaden the horizon of insurance business and also to reawaken the need for the industry to rise up to its current realities. “This is the time for insurance professionals to make insurance count in our national discourse. It is time to harness every opportunity and maximize the potentials of the dynamics, demography, size of our economy, and the ambitions of the Government,” he submitted
