The National Insurance Commission NAICOM, says the insurance market is on course of wholesome development with the turbo charged NAICOM four year strategic plan (2024-2027) and the Nigerian Insurance Industry 10 year Transformation Roadmap , an industry correction stunt.
The Commissioner for Insurance, National Insurance Commission, Olusegun Ayo Omosehin, said the Commission took cognisance of the work already done by the insurance industry noting that implementing the two frameworks would reawaken the need for the industry to rise to current realities.
Omosehin who was represented by the Deputy Commissioner for Insurance, Ekerete Gam-Ikon at the 2024 Insurance Professionals Forum, a project of Chartered Insurance Institute of Nigeria held at Abeokuta, said the ten year transformation roadmap is the framework that is expected to guide transformation of the insurance industry.
“The rapid changes in the business environment and adoption of effective strategies to meet up with current realities are veracities that cannot be ignored. It is in the light of this that the Commission crafted and developed its 4-year Strategic Plan (2024-2027) which took into cognisance the strategic imperatives from the industry transformation roadmap as well as the current macro economic realities in Nigeria as a whole,” he stated.
The CFI said the Commission has its role to play in the transformation agenda of the insurance sector, “the Commission has set out 5 priority areas for immediate implementation which include; safeguarding policyholders and improving confidence in the industry, strengthening our supervisory capabilities and organisational effectiveness, improving safety and soundness of the Nigerian insurance industry, and enhancing overall insurance accessibility and penetration in Nigeria.”
He assured the industry that “The policy thrusts of the Commission’s new administration will thrive on the above priorities which will in turn shape the direction of regulation in the industry.”
“Another key area of correlation between the ‘industry roadmap’ and the Commission’s Strategic Plan is the transformation of the regulatory environment. The Commission is undergoing structural and administrative reforms to ensure organisational and operational effectiveness. These reforms are expected to impact on all aspects of our operation as a regulator,” he explained.
The President, Chartered Insurance Institute of Nigeria, Mrs. Yetunde Olubunmi Ilori, also harped on regulatory innovation, which the Commission ha already embraced by creating a department to assume the responsibility.
“As the market evolves, so too must the regulatory landscape. Advocating for smart that encourages innovation while ensuring consumer protection is vital to our ability to explore new business models and expand into new regions,” Ilori stated.
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ten year has been turbo charged
