The National Insurance Commission says its not going to make any detour in creating an enabling environment that will consistently enhance increased capacity of the insurance institutions, as well as ensuring that the insurance industry becomes stronger and more stable in delivering on its obligations.
The emergence of such an industry the Commissioner For Insurance and Chief Executive of National Insurance Commission (NAICOM), Mr Olusegun Omosehin said, gives the insurance industry the underwriting audacity for financial soundness and stability essential for supporting businesses and securing risks expected in the projected $1tr economy set by the present administration for achievement by 2030.
Omosehin made the remark at this year’s 9th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) with theme: “Towards A $1 Trillion Economy: Roles of Insurance and Pension Sectors.” He was represented by Mr Abba Halil Inuwa, Head, Corporate Affairs.
The CFI noted that adequate capitalization, commensurate with insurers’ risk profiles, is vital for the insurance industry’s growth and development. Besides, he said following the $1tr road map would require pragmatic support, leveraging technology to enhance insurance accessibility, which according to him is another key area of focus to make the market relevant providing a one-stop-shop of consolidated financial solutions.
He said: “In line with the insurance industry roadmap, we have identified five critical areas for immediate implementation. “These encompass safeguarding policyholders’ interests; strengthening supervisory capabilities; improving industry safety and soundness; fostering innovation and sustainability; and enhancing insurance accessibility and penetration. With the current strategies in place, the Nigerian insurance market is poised for rapid and stable growth, characterized by significant improvements in operational statistics.
“A collaborative effort among sector stakeholders will facilitate seamless growth. Our collective focus must remain fixed on fulfilling obligations to policyholders,” and the focal point for sustained growth and penetration that should not be missed he noted is prompt settlement of genuine claims.
He commended the individual and collective efforts of NAIPE members in insurance market upscale noting that the expected takeaways would impactful, he therefore the media to stay on course bearing in mind that “Clear, concise, and accurate reporting can empower the public to make informed decisions about retirement planning, insurance coverage, and investment.
In his address, Chairman of the occasion, a former Commissioner for Insurance, Mr Fola Daniel, who said the theme of the conference was not just timely but essential to navigate the challenges and opportunities ahead. “Today, we are privileged to have with us a diverse array of speakers, thought leaders, and industry experts who will share their insights on the evolving landscape of insurance and pensions.
The former CFI under who’s watch NAIPE grew to become a formidable stakeholder in the sector said the vision of the body must always be clear to enhance the quality of information disseminated to the public and to foster a deeper understanding of the complexities within the two industries He therefore reminded members of their significant responsibilities as gatekeepers of information and the storytellers. Beyond this he added that, “It is your duty to ensure that narratives are not only accurate but also accessible to the public. In a world where misinformation can spread like wildfire, your role has never been more crucial.”
To the attendees that included stakeholders in pension and insurance sectors, as well as retirees and university students, Daniel advised, “Let us use this conference not only to learn, but to forge stronger connections and partnerships that will benefit our industries and by extension, the people we serve.”
