NAICOM promises new reforms, initiatives to strengthen insurance industry

The National Insurance Commission (NAICOM) has promised that it will continue to introduce new reforms and initiatives in line with international best practices that will strengthen insurance institutions in the country.

Sunday Thomas, Commissioner for Insurance, who made the remark at the official commissioning of ‘NAICOM Hall’, a 1,500-capacity auditorium of the College of Insurance and Financial Management (CIFM), said the commission is open to ideas.

Thomas noted that human capital development anchored on relevant upscale of skills, digitalization and product innovations, effective and efficient service delivery remain the strategic focus of the Commission under the current dispensation.

“On this premise, several initiatives have been designed by the Commission to facilitate attainment of the strategic focus which will redefine the future of the Nigerian insurance market,” Thomas said.

To this end, the Commission has already commenced the Actuarial Capacity Development Programme in collaboration with the CIFM, and the programme is expected to develop 100 certified actuarial analysts and a minimum of five actuaries in Nigeria by the year 2024. This is an important component of the Commission’s strategic focus on capacity development, he said.

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“The Commission is also internalizing the human capital development initiative through the effective plan of action for the takeoff of its academy, and will soon be requesting for assistance from erudite scholars in the industry to fill the identified knowledge gaps in the regulatory system,” he noted.

According to him, the completion of this 1,500-seat-capacity multipurpose auditorium will undoubtedly be a value-addition not only to the College but the entire insurance sector of the Nigerian economy.

“It is our firm belief that you will put this infrastructure to good use for the benefit of all stakeholders. I am almost certain that other sectors and institutions will also make use of this facility whenever the occasion demands,” he said.