• Monday, July 15, 2024
businessday logo


Insurers list measures to drive growth of sector

Insurers list measures to drive growth of sector

The Nigerian Insurers Association (NIA) has listed key areas of concern that needs to be addressed by the industry regulator, the National Insurance Commission (NAICOM) to enable it contribute maximally to the growth of the sector.

The NIA through their chief executive officers raised the concerns when the newly appointed leadership of the National Insurance Commission (NAICOM) led by Olusegun Omosehin, commissioner for Insurance paid a visit to the Saka Tinubu office of the insurance trade group.

Omosehin who was accompanied by his deputies, Usman Jankara, deputy commissioner for Insurance (Technical) and Olawoye Gam-Ikom, deputy commissioner for Insurance (Finance and Administration) visited the trade body to discuss collaborative efforts for advancing the insurance sector.

Omosehin during the visit emphasised his commitment to fostering a robust and stable insurance industry that prioritises the protection of policyholders and beneficiaries.

He stated, “My mandate is to ensure a very safe, sound, and stable insurance sector that can protect policyholders, and consumers, and build public trust in the insurance industry.”

He further outlined his administration’s agenda, focusing on increasing insurance penetration and ensuring efficient and prompt claims settlements.

Omosehin also underscored the importance of compliance with industry regulations to achieve NAICOM’s vision and urged stakeholders to prioritize regulatory adherence.

In response, NIA members harped on revisiting the placement of insurance business adverts for greater visibility and awareness.

They said NIA is establishing a claims payment committee to facilitate prompt settlements, while urging enforcing insurance for public buildings and construction projects to ensure safety.

Other areas of concern the stated are to enhance collaboration with government agencies for regulatory efficiency, digitalizing agency license processes for improved speed and convenience, reconstituting the IICC committee to drive industry growth and development, supporting the implementation of the Nigerian Insurance Industry Portal (NIIP) for better digitalization and accessibility, as well as collaborating with PenCom on group life enforcement to ensure compliance.

They also emphasised establishing a maximum retention period for claims records to improve data management, accelerate the approval of new products to drive innovation, consider industry perspectives in policy-making for inclusive decisions, segment industry players to promote specialisation and competitiveness, ensure timely approval of principal officers for leadership stability, form strategic partnerships with the government to boost economic growth, and speed up the transformation roadmap for timely implementation.

“Sanctioning members involved in premium rate cutting to enforce compliance; promoting public-private sector collaboration in government business, and ensuring market discipline to promote a culture of compliance and accountability.”