Insurance commission set to unvail industry’s growth strategic plan

Determined to continually improve the fortunes of the nation’s insurance industry, the National Insurance Commission ( NAICOM) said that it is set to unveil a strategic development plan capable of redefining the industry’s growth trajectory. The strategic plan NAICOM  said will be geared towards providing the roadmap for an enhanced holistic master plan for the nation’s insurance sector.

Commissioner for Insurance and Chief Executive Officer of NAICOM Mr Sunday Thomas who dropped this hint at the 2023 retreat for financial journalists in Uyo, Akwa Ibom State said the strategy plan will be launched on October 2, 2023.

The Commissioner for Insurance was quick to reveal that NAICOM is working in concert with related stakeholders to ensure the speedy passage of the consolidated insurance bill considering that the bill missed the assent of former president Muhammadu Buhari. A blend of the expected industry strategic plan and the bill will culminate in a more roburst insurance industry in Nigeria.

According to him, the strategic plan cut across the entire gamut of the industry from underwriting to broking to adjusting.

He noted that the plan is important to the industry and will also enable the industry to have codified strategic initiatives that will be implemented over a given period.

Mr Thomas said that the expected changes to be introduced will also help to guide the actions of industry leadership in terms of what insurance wants to achieve as an industry considering that it will help keep the industry focused.

“Our initiative in capacity building is also ongoing and it gladdens my heart to say that the commission is not just giving to the industry, itself has become a part taker of the great initiative of capacity building. Two of our new staff who were recruited in 2020 are almost qualified certified actuarial analysts. These are some of the recruitment we did when I came in as the Commissioner for insurance”, he further explained.

In the area of product development, he said “We have approved so many and probably initiated some of that product by selling the ideas to the market. We have a responsibility to make insurance available and we do this by authorizing operators to increase the style size of the transaction.

“ We have licensed some additional micro insurance companies. We have approved additional products for those that are there and we are encouraging them at every point to go out there and do the selling. To a very large extent, I think there has been a lot of improvement in terms of numbers.”

He expressed satisfaction that the recent changes made on third-party motor insurance in the areas of premium which moved from N5,000 to N15,000 with claims benefits ranging up to N3 million has helped in improving the service offering of insurance companies.

He therefore urged members of the public to take advantage of the newly proved third-party motor insurance to ensure the adequate protection of their assets.

According to him, there is considerable improvement in the government’s attitude towards the insurance of government assets.

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