Mr. O. S. Thomas
Acting Commissioner for Insurance
National Insurance Commission (NAICOM)
Mr. O. S. Thomas, the Acting Commissioner for Insurance, National Insurance Commission (NAICOM) has declared that the insurance sector will flourish in 2020.
Thomas said at the annual training programme for journalists in Kano that “2020 is a year to turn around the fortunes of the insurance industry in Nigeria. We shall continue to introduce reforms to achieve robust and sustainable growth of the industry.”
He listed some of the Commission’s 2020 targets to include right pricing of insurance products and services; deployment of technology; digitalisation of insurance businesses and effective collaboration with security agencies to enforce compulsory insurances. He also promised that the Commission will unveil the second phase of the Market Development & Restructuring Initiative (MDRI) very soon to further fast-track the growth potential of the market.
“NAICOM will make giant strides in all aspects of the market in 2020. The current recapitalisation exercise which has a deadline of December 31, 2020 will reposition the industry. We recognise the importance of financial inclusion to lift people out of poverty and that explains our policy on micro-insurance and takaful to achieve such purpose.”