The focus is majorly in pushing the insurance industry to more strategic market development initiatives as against the traditional regulation and compliance.
The Commissioner For Insurance (CFI) Mr. Olorundare Sunday Thomas in his address delivered during courtesy visit to the Executive Governor Of Kano State Alhaji Abdullahi Umar Ganduje on implementation of compulsory insurances and increasing insurance panetration in the state on Monday this week
Thomas stated that the Governing Board, Management and staff of the National Insurance Commission (NAICOM) which is the apex regulatory body of the insurance industry in Nigeria seek your collaboration in the implementation of our planned programmes for the State and its people.
The commissioner for insurance said some of the insurances made compulsory by extant laws in the country are:
-Motor Vehicles Third Party Insurance
-Professional Indemnity insurance for Health workers
-Public Building Liability Insurance
-Insurance of Building under Construction above 2 floors
-Group Life insurance under the Pension Reform Act
-Annuity for retirees
He disclosed that there is a lot to benefit from the partnership of the Kano State Government and the Commission with respect to these insurances, taking a cue from other states that have voluntarily taken steps to domesticate some of these laws in their states for the greater advantage of their states. According to him, Kano is leading in many fronts in the country.
“In motor insurance for example, Kano and Lagos states alone have almost more than 50% of vehicles plying the Nigerian roads and I am delighted to say here that if the state Government can partner with the insurance industry to bring all these vehicles under cover, it will significantly impact on the (Internal Generate Revenue)IGR of the state and boost revenue of all stakeholders
Chief Executive Officer of the Commission, revealed that we have put so much effort into repositioning the Commission in order to improve and deepen insurance penetration across Nigeria with greater attention and concern to states with huge potentials but very low-level penetration. According to the commissioner, the focus is majorly in pushing the industry to more strategic market development initiatives as against the traditional regulation and compliance.
Thomas pointed out that one of the cardinals thrust that has been a forefront policy of the federal government is financial inclusion: assisting nano, micro, small and medium enterprises for a sustainable economic development and lifting families out of abject poverty. A major aspect of this drive is providing a safety net for the NMSMEs against unforeseen circumstances while securing millions of jobs and wealth created by the NMSMEs, he added.