Thomas Highlights Insurance Industry Performance & Vision Over The Next Decade at 2023 National Insurance Conference”

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In his address at the National Insurance Conference held at the Abuja Continental Hotel, Mr. Olorundare Sunday Thomas, the Commissioner for Insurance, discussed the key initiatives and strategic roadmap for the Nigerian insurance industry. He emphasized the importance of insurance in enhancing safety in Nigeria and revealed plans for the sector’s growth and transformation over the next decade.

Mr. Thomas opened the conference by expressing his delight in welcoming the attendees and shared the conference’s objectives. Notably, the event aimed to incentivize law enforcement agencies, state governments, professional bodies, and all stakeholders. It also sought to create awareness of the vital role of insurance in redefining safety in Nigeria.

In terms of performance, the insurance industry had seen steady growth, with premium income increasing from N282 billion in 2014 to N726.2 billion in 2022, and total assets growing from N827.5 billion to N2.33 trillion during the same period that is the industry premium income between 2014 and 2022 grew at an average of 13.6%; from a premium income of N282 Billion to N726.2 billion.

The total assets of the sector also grew at an average of 12% for the same period; from an asset base of N827.5 billion in 2014 to N2.33Trillion in 2022

Looking ahead, the Commissioner highlighted the significance of the event and unveiled the Insurance Sector’s 10-Year Strategic Roadmap with seven strategic thrusts for the industry over the next decade (2024-2033). These included transforming the regulatory environment, adopting a risk-based capital model, promoting insurance awareness, expanding product offerings, enhancing digitalization, developing the industry’s talent pool, and supporting Nigeria’s economic transformation and sustainability agenda.

The conference featured the launch of the Insurance Sector 10-Year Strategic Roadmap and the Guidance Note for the Insurance of Government Assets and Liabilities by His Excellency President Asiwaju Bola Ahmed Tinubu GCFR.

During his address, Mr. Thomas highlighted several flagship projects being undertaken as part of the NAICOM Strategic Plan 2021–2023, including efforts to improve the safety and soundness of the insurance sector. He mentioned the migration to global best practices, the implementation of Project E-Regulation, and the development of actuarial capacity in the industry.

Additionally, the Commissioner discussed efforts to expand the insurance supply-side by licensing new entrants, thus increasing local insurance capacity in Nigeria. He acknowledged the industry’s contribution to the fight against the COVID-19 pandemic, with a donation of N500 million and free life insurance coverage for frontline workers.

Furthermore, Mr. Thomas mentioned the Commission’s financial assistance to tertiary institutions in Nigeria to foster education and develop professionals for the insurance sector.

Despite sustained growth, the Commissioner recognized challenges such as talent gaps, low public awareness, insurance affordability, trust issues, cultural and religious biases, inadequate distribution channels, and low enforcement of insurance.

He highlighted the growth in premium income and total assets of the insurance sector from 2014 to 2022.

Mr. Thomas then presented the seven strategic thrusts for the industry in the coming decade, emphasizing the need for regulatory improvements, the transition to a risk-based capital model, increased insurance awareness, enhanced product offerings, digitalization, talent development, and support for Nigeria’s economic transformation.

The Commissioner concluded by emphasizing the importance of the conference theme, “Redefining Safety – Insurance Solutions for Public Buildings and Buildings under Construction,” and its role in creating awareness about compulsory insurances. He expressed hope that the conference would foster discussions beneficial to all participants.

 

In summary the Commissioner for Insurance used his address to outline the vision and objectives for the Nigerian insurance industry, highlighting its achievements, challenges, and future plans at the 2023 National Insurance Conference.

 


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