NAICOM deepens ties with other ministries, agencies for sector growth

Insurance regulator, the National Insurance Commission (NAICOM) has deepened ties with some ministries and agencies of government in its ongoing efforts to imbibe in them the culture of protecting government assets through effective risk management.

NAICOM led by Sunday Thomas, the commissioner for Insurance recently paid a courtesy visit to Lanre Issa-Onilu, director general, National Orientation Agency (NOA); and in a similar event, NAICOM was also received by Ayodele Olawande, minister of State, Federal Ministry of Youth Development, where both meetings discussed collaborative plans that could enhance economic and social development of the country.

Thomas said the visit to NOA was to explore ways of collaborating in order to give Nigerians the right orientation with regard to Insurance, by leveraging their strategic network to reach out to Nigerians on the benefits of insurance.

Issa-Onilu, DG NOA enjoined NAICOM to leverage its structure, reach, and platforms as well as an understanding of the locality where they have a presence and promised to work closely with NAICOM.

In addition, he gave a personal testimony when in 2007, his private car was stolen, but thanks to insurance, the claim was promptly settled.

Ayodele Olawande said the purpose of the visit is to discuss potential collaboration opportunities between the Federal Ministry of Youth Development and NAICOM in advancing youth development initiatives, particularly in the areas of financial literacy, entrepreneurship, and career development.

The commissioner for Insurance in his remark welcomed the minister and gave a brief history and overview of the Nigerian insurance industry, the administrative structure of the Commission as well as its achievements in the area of financial inclusion, transition to risk-based supervision and IFRS 17, setting up of the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.

Olawande in his remark thanked the NAICOM Management for the warm reception. He expressed his desire for the Ministry to collaborate with NAICOM in engaging the Nigerian youth formally and informally to develop their skills.

He noted that the Ministry had developed a digital platform (app) called Nigerian Youth Academy (NIYA) where Nigerian youth could learn vocational and digital skills.

He requested to collaborate with NAICOM in the building of an insurance educational module to be uploaded on the NIYA platform, as this will go a long way in training the youths and improve their level of financial literacy, help in entrepreneurship and job creation, career development and sensitise the youth on the benefits of insurances.

The Commissioner for Insurance promised to convey the Honourable Minister’s request to relevant parties (The Chartered Insurance Institute of Nigeria and the College of Insurance and Financial Management) within the Nigerian Insurance Industry.