Thomas reiterates ‘development of the insurance market’

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The Commissioner For Insurance while delivery his key note address at investiture ceremony of Mr. Olusegun Omosehin as the 25th Chairman of the Nigerian Insurers association reminded the stakeholders that the focus of the his administration is “development of the insurance market”.

 

 

Insurance Commissioner, Mr. Olorundare Sunday Thomas said that on my appointment as Commissioner for Insurance, I did mention that the focus of the administration is development of the insurance market and I want to believe that this cardinal objective has not changed

 

 

The investiture ceremony of Mr. Olusegun Omosehin as the 25th Chairman of the Nigerian Insurers association was held at the Lagos Oriental Hotel on Thursday, Lagos

 

Thomas disclosed that the Commission has vigorously been driving the issue of market development and enforcement of compulsory insurances these past two years, achieving some gains in the process.

In his words: Greater efforts have been made to partner state governments on enforcement of compulsory insurances and insurances of their assets.

He noted that the Commission had embarked on this drive to till the ground while expecting the operators to take over and engage the markets but the response from the industry is less than satisfactory.

“let me assure you that the Commission will continue to support the insurance industry and specifically the operators/players to thrive by instituting policies that encourage equal access, investment of funds and healthy competition. According to him, to actualize our core mandate as an industry, we must facilitate improved perception of the insurance industry, as public confidence in our industry depends among other things on how promptly and fairly, we deliver on our promises and obligations to our customers and stakeholders.

Commissioner reassured the operators that the Commission will not relent in protecting all stakeholders in the industry, however, we must all understand and appreciate that the mandate of the Commission cuts across stakeholders with varying expectations thus, the need to implement far reaching initiatives to develop the market and expand the frontiers of the industry while guaranteeing the protection of each stakeholder to the best of our ability.

“The NAICOM Portal was officially commissioned by the Honourable Minister of Finance, Budget and National Planning Mrs. Dr. Zainab Shamsuna Ahmed few months ago and it is up and running. A number of circulars and directives have been issued by the Commission on compliance with the requirements and update of information needed from operators, he added.

 

“I must commend the leadership style of the outgoing Chairman of the NIA Mr. Ganiyu Musa for his amiable leadership and stability of the operations of the Association, his resilience, commitment, and strong passion for the development of the insurance industry. I challenge the new leadership to cooperate with the Commission in ensuring compliance and development of IT infrastructure for the operators, he stressed.

Therefore, I want to sincerely express my profound appreciation to both the outgoing and incoming leaderships of the Association, the entire industry for your support and cooperation extended to the Commission thus far. I strongly believe we will continue to work together for the improvement of business standards needed to reposition the industry as a leading market in the global economy, Thomas added.

 

Finally, I urge all stakeholders that “the times are tough and only the resilient, strategic and focus operators will get going.”

 

The investiture of Mr. Olusegun Omosehin as the 25th Chairman of the Association is another occasion for celebration in the history of the Nigerian Insurers Association (NIA).

 

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