National Insurance Commission NAICOM has spread boldly its intention not to push strong corporate governance down the road. Unapologetic Insurance Commission says all strategies directed at transforming the insurance industry depend solely on a strong corporate governance culture in every insurance firm.
The Commissioner for Insurance at NAICOM, Olusegun Omosehin, making clear the Commission’ position said “The Commission will always emphasise the importance of strong corporate governance practices in the survival of business entities.
“The quality of the strategies and decisions made on behalf of those entities would determine how far they can go and how strategically positioned they will be in the sector’s contribution to national output,” he stated.
The CFI who’s keynote address was taken by the Deputy CFI, Ekerete Gam-Ikon, at the Abeokuta 2024 Chartered Insurance Institute of Nigeria Insurance Professionals Forum said the cooperation and support of all stakeholders “is equally an integral factor to the success of the transformation strategies to be adopted for the growth and development of the industry. The ability to stand united, focused and resilient will determine how far we can go.”
Also integral to corporate governance he outlined is innovation and sustainability, describing both as some of the major emerging issues today. “The insurance sector must embrace innovation to meet up with the rapid market changes, changes in consumers preference, tastes and lifestyle. We must develop products that meet the demands of our market as innovation have taken the driving force in the financial services sector.”
Omosehin cleared that the Regulator was in the position to make that request on the practitioners because it had after issuance of the regulatory sandbox, which is intended to accommodate innovations, “created a dedicated Innovation-Hub Unit which is targeted to addressing gaps in innovation regulation and market expansion.”
Unwrapping market expansion further, he said, “In order to meet the target of market expansion and growth, the insurance industry must develop a wide range of new skill sets and orientation, attract and retain talents, diversify our products spectrum, improve our adaptability and agility, improve on transparency and openness, invest in technology, improve trust and confidence in insurance, have institutions that compete favourably with other sectors in terms of liquidity, capitalisation and expertise. These and many more factors are to be considered if we must see the insurance industry of our dreams.”
