• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Tuesday, July 1, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Feature

Future Of Insurance Blossoms With Multiple Ventures For Growth, Stability And Penetration

Nwanne Ikemefune by Nwanne Ikemefune
September 16, 2022
in Feature
0 0
0
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators
0
SHARES
43
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

This year’s theme for Professional Forum, of the Chartered Insurance Institute of Nigeria: “Power of the Past: A Force for the Future of the Insurance Sector in Nigeria,” not only captures the thought of the Institute, a detail of past and future plans, it also fits into the multiple programmes being rolled out by National Insurance Commission, recollecting the past and chronicling all that are in place for now and the future.

This was captured in the keynote address of the Commissioner for Insurance, Mr. Sunday Thomas, which he said “is apt and relevant to the current efforts to enhance the performance of the insurance industry and diversify its productive base.”

The Commission he promised, would as it had done in the past follow the distilled conclusions of the forum and pointedly reminding the attendees that NAICOM is “always proud to identify with the various initiatives espoused at this annual forum because of its conviction that viable, viable, qualitative, ethical, resilient insurance professionals hold the key to the sustainability and growth of the Nigerian insurance industry.”

Rekindling the lofty responsibility of the Institute and the need to sustain it, Thomas said the burden to ensure standards, professional ethics and discipline lies with the institute. Still staying in the lane of an industry shaped this way, the CFI said the integrity of insurance business depends solely on the integrity displayed by professionals in the business.

He held strongly that, “The image and future of insurance business in Nigeria depends majorly on how we uphold and encourage members to adhere strictly to the observance of the industry’s codes of conduct and ethics.

With the future now in the works, Thomas said a broad based coalition is key. “We must all work together to explore all possible means to take insurance to a new level that will enhance our contribution to the nation’s economy.”

Coming to terms with the future, NAICOM boss outlining specifics said the Commission has channelled efforts in the area of regulation and supervision of the market and what is coming out of the regulator’s tunnel are, innovative regulations, policies, guidelines and programmes he noted are, “aimed at restructuring for the Nigerian insurance industry.”

Putting the efforts of the Commission in phases, Thomas said the first phase (Module I) contained its migration from analogue to the digitalising of its core processes which he chipped in “has been completed.”

The current phase, module II, primed for the future, encompasses insurance regulatory returns and analysis system; “a web-based software solution for submission, collation and analysis of returns has passed user acceptance test and ready to be deployed.”

Confident about the ongoing efforts, the CFI said the effectiveness of the Commission’s support departments is also being enhanced with the deployment of the enterprise resource planning application. He goes to details with several accomplishments; the issue of “Insurance Web Aggregators Operational Guidelines” in February 2022, which serves as a working document to register, supervise and monitor web aggregators as intermediaries who provide information on products of different insurers.

There is also partnership with Financial Sector Deepening Africa (FSD Africa), aimed at coaching and mentoring Insurtech firms, granting funds in developing innovative business solutions focussed on solving compelling economic or social problems as well as bringing commercial value to the insurance industry. Next was May 2022, when FSD Africa organised the BimaLab Insurtech Demo-day which allowed cohort members to pitch their solutions to create visibility and opportunity to secure funding for their businesses.

Ongoing are the the legal and regulatory framework for sustainable innovation and, the Risk-Based Capital (RBC), which the CFI dubbed “pivotal project” intended to provide a clear set of policy plan for full implementation of RBC framework including the key steps, frameworks, and tools required for RBS implementation. “The project is nearing completion with the conclusion of working sessions on the proposed RBC tools.”

Another hallmark that is already making gains for the future is the Commission’s market development and restructuring initiative, it will facilitate enforcement of compulsory insurance, increase penetration, improve access to insurances and sensitise the polity on the benefits of insurance. Following and intertwined with this are, licensing of additional inclusive insurance providers for the excluded and/or low-income segment of the Nigerian population; awareness on microinsurance and Takaful.

Closely nit to market development are, engagement and sensitisation for federal and state fire service officers, Federal Road Safety Corp, Vehicle Inspection Officers; engagement with the government of Kano and Katsina States on compulsory insurance.

Coming home, the Commission expands the market development frontiers by scheduling interactive sessions with major stakeholders of the insurance industry to facilitate better understanding of the concerns, views, and challenges of stakeholders of the industry and; implementation of risk based supervision exercise, among others.

To make that future achievable, he challenges professionals “to leverage the positive experiences from the past to build a formidable future for insurance in Nigeria.” Distancing the Commission from fragmentation and weak market, he said, “The effort must be collective and patriotic. We must all see insurance as a profession that should be a buffer for the economy while eliminating the toga of being the weak link within the financial services sector.”

Previous Post

NAICOM Commission’s 150 Capacity Lecture Theatre Donation To Kaduna State University

Next Post

Rising Inflation, Discontent, Create Civil Unrest With Worst Predicted Still To Come

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Feature

How an Insurance Company is Using Entertainment to Promote Insurance Education in Africa

June 13, 2025
Premium Perspective: Insurers Earn Trust, Premium Spirals Up
Feature

Features of Insurance Make Insurance Rescue Made to Fit Obligation

June 2, 2025
AIICO Head office
Feature

Life Insurance Explained: Why Staying the Course Matters More Than Early Withdrawal

May 21, 2025
Next Post
Rising Inflation, Discontent, Create Civil Unrest With Worst Predicted Still To Come

Rising Inflation, Discontent, Create Civil Unrest With Worst Predicted Still To Come

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

July 1, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Nigeria’s Future Gets Insurers Paramount Appeal, Flaunt Bourgeoning Effectiveness And Reliability

June 30, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

July 1, 2025
Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

June 30, 2025
Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

June 26, 2025
Investment: Insurance Ace Leads, Downgrades Volatility Where Other Financial Systems Grapple, Holds Over $40tr Assets

Investment: Insurance Ace Leads, Downgrades Volatility Where Other Financial Systems Grapple, Holds Over $40tr Assets

June 25, 2025
The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

June 23, 2025
SanlamAllianz Flags Off 12-City Roadshow to Deepen Customer Engagement And Awareness

SanlamAllianz Flags Off 12-City Roadshow to Deepen Customer Engagement And Awareness

June 23, 2025
Tech Innovator, Per Lagerström Takes Centre Stage as Headline Speaker For IMT 4.0

Tech Innovator, Per Lagerström Takes Centre Stage as Headline Speaker For IMT 4.0

June 23, 2025
Preferred PenCom Logo

Pension System Undulating Highs And Lows Creates Open Challenges

June 23, 2025
ADVERTISEMENT

Recent News

Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

July 1, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Nigeria’s Future Gets Insurers Paramount Appeal, Flaunt Bourgeoning Effectiveness And Reliability

June 30, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

July 1, 2025
Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

June 30, 2025
Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

June 26, 2025
Investment: Insurance Ace Leads, Downgrades Volatility Where Other Financial Systems Grapple, Holds Over $40tr Assets

Investment: Insurance Ace Leads, Downgrades Volatility Where Other Financial Systems Grapple, Holds Over $40tr Assets

June 25, 2025
The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

June 23, 2025
SanlamAllianz Flags Off 12-City Roadshow to Deepen Customer Engagement And Awareness

SanlamAllianz Flags Off 12-City Roadshow to Deepen Customer Engagement And Awareness

June 23, 2025
Tech Innovator, Per Lagerström Takes Centre Stage as Headline Speaker For IMT 4.0

Tech Innovator, Per Lagerström Takes Centre Stage as Headline Speaker For IMT 4.0

June 23, 2025
Preferred PenCom Logo

Pension System Undulating Highs And Lows Creates Open Challenges

June 23, 2025
Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

Generative AI Sweeping Reliance Destructive Without Human Oversight – NGX Chairman

June 28, 2025
Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

Public Servants Welfare Capacity Enhanced With Workshop on Group Life Assurance Policy

June 19, 2025
CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

CPS Non-Compliance, PenCom Urges Newspaper Owners to Clear N720m Pension Debt

June 18, 2025
PenCom Pushes N30bn Gratuity For Civil Servants Under CPS, Demands FG Stop Persistent Delayed Accrued Benefits

PenCom Pushes N30bn Gratuity For Civil Servants Under CPS, Demands FG Stop Persistent Delayed Accrued Benefits

June 17, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spills Insurance Potentials to Secondary Schools And Undergraduates

July 1, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Nigeria’s Future Gets Insurers Paramount Appeal, Flaunt Bourgeoning Effectiveness And Reliability

June 30, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In