The National Insurance Commission says its not going to make any detour in creating an enabling environment that will consistently enhance increased capacity of the insurance institutions, as well as ensuring that the insurance industry becomes stronger and more stable in delivering on its obligations.
The emergence of such an industry the Commissioner For Insurance and Chief Executive of National Insurance Commission (NAICOM), Mr Olusegun Omosehin said, gives the insurance industry the underwriting audacity for financial soundness and stability essential for supporting businesses and securing risks expected in the projected $1tr economy set by the present administration for achievement by 2030.
Omosehin made the remark at this year’s 9th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) with theme: “Towards A $1 Trillion Economy: Roles of Insurance and Pension Sectors.”
The CFI who was represented by Mr Abba Halil Inuwa, Head, Corporate Affairs, NAICOM, noted that adequate capitalization, commensurate with insurers’ risk profiles, is vital for the insurance industry’s growth and development. Besides, he said following the $1tr road map would require pragmatic support, leveraging technology to enhance insurance accessibility, which according to him is another key area of focus to make the market relevant providing a one-stop-shop of consolidated financial solutions.
The NAICOM boss stated that insurance leverages other players in the financial sector in its critical role in mobilizing savings, managing risk, ensuring financial stability, creating job opportunities, and driving long-term projects and infrastructure development. These set for insurance responsibilities is being refocused by the Commission and being made achievable implementing various market developmental initiatives aimed at enhancing the insurance sector’s competitiveness and robustness.
He said: “In line with the insurance industry roadmap, we have identified five critical areas for immediate implementation. “These encompass safeguarding policyholders’ interests; strengthening supervisory capabilities; improving industry safety and soundness; fostering innovation and sustainability; and enhancing insurance accessibility and penetration. With the current strategies in place, the Nigerian insurance market is poised for rapid and stable growth, characterized by significant improvements in operational statistics.
“A collaborative effort among sector stakeholders will facilitate seamless growth. Our collective focus must remain fixed on fulfilling obligations to policyholders,” and the focal point for sustained growth and penetration that should not be missed he noted is prompt settlement of genuine claims.
Commending the individual and collectives effort of NAIPE in insurance market upscale and the expected takeaway that would impact the industry, he advised the media to stay on course bearing in mind that “Clear, concise, and accurate reporting can empower the public to make informed decisions about retirement planning, insurance coverage, and investment.
In his address, Chairman of the occasion, a former Commissioner for Insurance, Mr Fola Daniel, who said the theme of the conference was not just timely but essential to navigate the challenges and opportunities ahead. “Today, we are privileged to have with us a diverse array of speakers, thought leaders, and industry experts who will share their insights on the evolving landscape of insurance and pensions.
Reflecting, the former CFI under who’s watch NAIPE grew to become a formidable stakeholder in the sector said the vision of the body must always be clear to enhance the quality of information disseminated to the public and to foster a deeper understanding of the complexities within the two industries.
Reminding NAIPE members of their onerous task as editors Daniel said “Editors carry a significant responsibility. They are the gatekeepers of information, the storytellers of our industries.” Beyond this clear mandate he added that, “It is our duty to ensure that our narratives are not only accurate but also accessible to the public. In a world where misinformation can spread like wildfire, our role has never been more crucial.
Assessing the attendees that included stakeholders in pension and insurance sectors, as well as retirees and university students, Daniel advised, “Let us use this conference not only to learn, but to forge stronger connections and partnerships that will benefit our industries and by extension, the people we serve.”