Leave a comment and share
Chuks Udo Okonta
Worried by low insurance patronage and penetration across many States in the country, the National Insurance Commission (NAICOM) hopes to open up engagements with policy makers in these states.
Inspenonline had recently reported on how the insurance companies generated a pantry of N10,000 premium on third party motor policy from Ebonyi and Kogi States and no third party premium from seven states, which are: Katsina; Borno; Taraba; Yobe; Nasarawa; Jigawa and Kebbi.
The Commissioner for Insurance Sunday Thomas, while speaking on the proposed engagement with these States at the recently held NAICOM 2022 Retreat for Financial Journalists in Uyo, Akwa Ibom State, said the Commission is trying to open up the market across the geo-political zones by reaching out to the states where insurance penetration is perceived to be very low. “We expect the industry to respond to these efforts by bridging the supply gap and ensure they follow up on the Commission’s move to create awareness among high ranking policy makers in order to prove that the industry is ready for the booming opportunities awaiting them across the country,” he added.
He noted that the project the Commission has with Kano State Government is a litmus test for the industry.
Thomas said the Commission has been implementing various market developmental initiatives to lift the insurance sector to a global standard through:
Risk Based Supervision Framework; encourage investment in digital capabilities and automation – launching of NAICOM Portal, launch of the Bimalab Project on the 9th of February, 2021; enforcement of the compulsory insurance products in Nigeria – via partnership with agencies and states, capacity development programmes – Actuarial, competency framework and others.
He said the Commission is also conducting sensitisation of various stakeholders – MSMEs on benefits of insurance, MDAs Insurance Desk Officers and
introduction of regulatory reforms and policies – issuance of web aggregators’ guidelines.
“We can gladly say that the Nigerian Insurance market has undergone substantial structural and regulatory reforms over the years following the market development initiatives being implemented and the evolution of Nigeria’s financial sector in the last decade which has been characterized by digital transformation,” he submitted.
Thomas applauded the role of the media in educating vthe public on need for insurance, stressing that the collective efforts at ensuring the development and growth of the insurance sector will definitely translate to the growth and development of the nation’s economy.
