The Commissioner For Insurance, Mr. Olorundare Sunday Thomas stated this during his opening remarks at Seminar For Insurance Correspondents in the city of Lagos
Thomas noted that this seminar affords us the opportunity to share information as well as the cross fertilization of ideas that could impact positively on the Commission’s approach in its implementation of policies and proffering solution to challenges facing the sector.
The Seminar For Insurance Correspondents Held At Lagos Oriental Hotel, Lagos, on Friday4th November, 2022
According to him, the theme for this year’s seminar “The Future of the Nigerian Insurance Sector in a Shifting Landscape” is specially couched considering that a lot has changed in our business environment over the last few years. The global business environment will continue to grapple with the lingering effect of the Covid-19 pandemic and the ongoing Russian and Ukraine war that is impacting negatively on world economies, he added.
In his words: As regulators, we would continue to consolidate on the administration’s cardinal agenda of developing the market and fostering insurance inclusion along with mutual collaboration of the press and other relevant stakeholders.
Consequently, Thomas said the Commission will continue its execution of various regulatory and market development initiatives to uplift the insurance sector to a global standard. Some of these initiatives include:
Engaging stakeholders including state governments towards ensuring domestication of the laws to ensure compliance with compulsory insurances and improve the business of insurance in their respective states.
NAICOM boss said Driving the Market Development and Restructuring Initiative (MDRI) to promote compulsory insurance products
“Feasibility Assessment for Index Based Risk Transfer Solution in the agricultural sector
“Financial Inclusion Drive via focused Insurance awareness campaign for the financially excluded.
Launch of the Insurtech Accelerator Platforms under the Insurance Market Development programme i.e Bimalab Programme in conjunction with FSD Africa.
“Ongoing synergy with FSD Africa on developing a Risk Based Capital Model for the Nigerian Insurance Industry.
Promoting the development of products and business models that meet the needs of the financially excluded group
“Automation of the Commission’s Processes
Actuarial Capacity Development Programme
- Risk Based Supervision Regime
12.Setting up of the Insurance Sector Committee on African Continental Free Trade Area (AfCFTA) amongst others.
He said Stemming from the theme for this seminar, it is worth noting that insurance over the ages has always been seen as a business that exists for the survival of other businesses. At this period of rejuvenation, he made it cleared that it calls for the Nigerian insurance sector to develop innovative products and distribution channels, embark upon massive infrastructural development, improvement in social safety nets scheme, rejig business continuity plans and general deployment of technology to meet the expectation of today’s consumers and create new experiences that add value.
Furthermore, CFI pointed out that the insurance sector plays a vital role in financial inclusion because it reduces the poverty line, assist people to manage their risk and protect them from negative adverse effect of any unforeseeable circumstances as well as increases access to other financial services.
“In today’s modern business environment, disruption plays an integral part of any business, hence innovation being implemented by the Commission is geared towards gaining control of a specific segment of the market that have been left untapped by encouraging the introduction of products tailored to the consumers in order to grow insurance businesses.
In conclusion, he stressed that as an optimist, we are encouraged to believe in a new dawn in all facets of our regulatory policies, leveraging technological innovations, and a positive paradigm shift focused and poised to meet the anticipated surge in the demand side of the economy.
“The National Insurance Commission (NAICOM) will continue to work closely with the Gentlemen of the Press to improve the existing relationship, improve perception of the insurance industry as well as increase insurance awareness.”
Commissioner For Insurance said he acknowledged all supports over the years as we forge ahead together in creating an enabling and sustainable environment into the future through value creation.