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Chuks Udo Okonta
The Nigerian Insurers Association (NIA) has presented to the National Insurance Commission (NAICOM) 19 key areas of concern that should be focused on to foster growth in the insurance sector.
The association made the presentations when the new NAICOM leadership paid a courtesy visit to association recently in Lagos.
The Commissioner for Insurance Olusegun Omosehin, accompanied by his deputies, Dr. Usman Jankara and Dr. Olawoye Gam-Ikom, visited the NIA to discuss collaborative efforts for advancing the insurance sector.
Omosehin, at the visit, emphasied his commitments to fostering a robust and stable insurance industry that prioritises the protection of policyholders and beneficiaries.
“My mandate is to ensure a very safe, sound, and stable insurance sector that can protect policyholders, and consumers, and build public trust in the insurance industry.” he submitted.
He further outlined his administration’s agenda, focusing on increasing insurance penetration and ensuring efficient and prompt claims settlements.
Omosehin underscored the importance of compliance with industry regulations to achieve NAICOM’s vision and urged stakeholders to prioritize regulatory adherence.
In response, NIA members, represented by their CEOs, shared their concerns and expectations to help realise NAICOM’s vision for the industry.
They implored the NAICOM leadership to revisit the placement of insurance business adverts for greater visibility and awareness.
The sought NAICOM’s support on NIA’s claims payment committee to be established which would help facilitate prompt settlements.
Other solutions are:
•Enforcing insurance for public buildings and construction projects to ensure safety.
•Enhancing collaboration with government agencies for regulatory efficiency.
•Digitalizing agency license processes for improved speed and convenience.
•Reconstituting the IICC committee to drive industry growth and development.
•Supporting the implementation of the Nigerian Insurance Industry Portal (NIIP) for better digitalisation and accessibility.
•Collaborating with PenCom on group life enforcement to ensure compliance.
•Establishing a maximum retention period for claims records to improve data management.
•Accelerating the approval of new products to drive innovation.
•Considering industry perspectives in policymaking for inclusive decisions.
•Segmenting industry players to promote specialization and competitiveness.
•Ensuring timely approval of principal officers for leadership stability.
•Forming strategic partnerships with the government to boost economic growth.
•Speeding up the transformation roadmap for timely implementation.
•Sanctioning members involved in premium rate cutting to enforce compliance.
•Promoting public-private sector collaboration in government business.
•Ensuring market discipline to promote a culture of compliance and accountability.
*NAICOM and NIA working collaboratively towards the growth and development of Nigeria’s insurance industry.
