Business Journal

Insurance

The NAICOM 5-Point Plan to Drive Insurance Growth in Nigeria

(4th Left): Mr. O. S. Thomas, Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) and other Directors of the Commission during the unveiling of the NAICOM Strategic Plan in Lagos.

The National Insurance Commission (NAICOM) has unveiled a 5-Point Strategic Plan 2021-2023 to drive growth of insurance business and deepen its penetration in the country.

Mr. Olorundare Thomas, the Commissioner for Insurance/CEO of NAICOM said in Lagos that the Plan is anchored on innovation, distribution, effective/efficient and service delivery as its guiding principles.

Thomas listed the 5-Point Plan as:

  • Entrench effective & efficient service delivery
  • Ensure safe, sound and stable insurance sector
  • Adequately protect policyholders and public interest
  • Improve trust & confidence in the insurance sector
  • Ensure innovation & promote insurance market development

The first point will entail enhancement of infrastructure, automation of processes, improve efficiency of regulatory activities and equipping the proposed NAICOM Academy which is set for take-off before the end of the year.

According to the insurance regulator, Point 2 involves ensuring that insurance operators in Nigeria are adequately capitalised, implementation of risk-based supervision and ensure that underwriting firms are prudently managed.

Other points and their details include:

Point 3:

  • Promote improvement in the protection of policyholders
  • Enhance enforcement of market conduct among operators
  • Promote insurance education & awareness
  • Ensure adequate insurance cover for government assets and liabilities

Point 4:

  • Institute good market conduct and ensure that complaints are properly managed
  • Implement customer service charter policy
  • Facilitate the fight against money laundering and funding of terrorism
  • Ensure effective management of troubled institutions

Point 5:

  • Facilitate innovation and competitive policy amongst operators
  • Facilitate attainment of National Financial Inclusion target and access to insurance services
  • Promote local capacity for emerging risks in Nigeria
  • Implement principles for sustainable growth of the market

The Commissioner for Insurance promised that the Commission will vigorously monitor and evaluate the process towards the attainment of the goals in the strategic plan.

 

 

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