The Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has unveiled his 5-Point agenda designed to ensure sustainable growth of the Nigerian insurance market.
Omosehin said at an interactive session with the media in Lagos that his agenda is to provide the market with a new direction built on solid commitment to change the image of the industry in the estimation of the insuring public and other relevant stakeholders.
He listed the five (5) priorities of his administration as:
Consumer Issues:
The interest of policyholders is paramount to rebuild public trust and confidence on the insurance sector. There had been declining confidence on the industry due to some market entities not being able to fulfill their obligations. We have some ailing entities and operators that we are managing to save the interest of the market. Our concern is to protect the interest of policyholders.
Strengthen Internal Capacity to Regulate:
The Commission is working to have the right regulatory framework to deliver on our mission.
Soundness of Operators:
We want financially sound operators that can meet their obligations to policyholders. We want to see an industry that is respected and can move the market to a new level of performance and ensure stability of the financial system.
Innovation:
The Commission intends to create an innovation hub to serve as the nucleus to drive innovation for the industry. We need new ideas that can allow the development of the market.
Accessibility & Penetration:
We need to do more to ensure sustainable penetration of insurance in the country. We are also relying on technology to drive access and penetration. The Commission will also endeavour to drive enforcement of compulsory insurances to grow the market.
On the way forward for the Commission and the industry, Omosehin said: “We are prioritising claims settlement and we have set up a department for that purpose. The attitude of the market to claims settlement must change. We must find a reason to pay all genuine claims to effectively restore public trust and confidence in the insuring public. Indeed, claims settlement is one of the key priorities of my administration.”
He also reiterated that NAICOM has not stopped registration of new insurance companies.
“We have not stopped licensing new insurance companies but the promoters of such new entities must meet the specified requirements. The number of operators in Nigeria is not the challenge in terms of performance of the market but the capacity of the companies to live up to expectations.”
On the drive for a $1 trillion economy by 2023 as projected by the Federal Government of Nigeria, the insurance industry regulator said the market must be ready to contribute meaningfully to such agenda.
“The insurance industry should be ready for the economic growth agenda of the federal government. We should be at the centre-stage as the chief risk takers in the economy in terms of financial soundness, readiness and manpower capacity. My tenure is to lead the action in terms of regulation to propel operators to grow the market by creating the enabling environment.”
