Insurers eye new template for government assets

An insurance industry unified strategic plan to be launched in October 2023 will set a new template for insurance of government assets, the National Insurance Commission (NAICOM) has said.

According to the Commission, the plan which will be the first of it’s kind to be signed by all arms of the insurance industry will redefine how government assets will be insured, particularly public buildings.

Sunday Thomas, commissioner for Insurance said, we are in talks to establish new guidelines for the insurance of government assets, its a new commitment that will set standards for insurance embrace by government.

“Government is firm on its new stand on insurance and is already nurturing with the Commission a strategic guideline that will serve as a blueprint for government new front on insurance purchase that would be religiously followed by government Agencies and Departments.”

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“The master plan will be launched during the industry’s 2023 National Conference slated for October this year.”

Thomas who briefed on his achievements over the last three years of his appointment as chief executive officer of NAICOM said the gross premium income (GPI) which was about N450 billion in 2020 has grown to about N723 billion , over 60 percent at the close of business in 2022.

“It is also important to let you know that our initiative in capacity building is also ongoing and it gladdens my heart to say that the Commission is not just leaving to the industry to do this , but has become a partaker of the great initiative of capacity building.”

“Two of our new members of staff recruited in 2020 are certified as actuarial analysts. They did this in a recorded time. These are some of the improvements we made since I came into office.”

“Of course it’s no longer news the today as a broker you do not need to come to the Commission’s office in Abuja to get your certificate renewed, in the comfort of your room, you can sit down and upload your paper and get your certificate renewed.

In the area of products development, he said the Commission has approved so many products and initiated some of those products by selling ideas to the market.