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NAICOM, CIIN chart path for growth of insurance sector

By Bankole Orimisan
28 February 2022   |   2:55 am
Before the nation’s insurance industry can contribute optimally to the economy, there is a need for underwriters to adopt a risk-based asset approach, investment

Chartered Insurance Institute of Nigeria (CIIN)

Before the nation’s insurance industry can contribute optimally to the economy, there is a need for underwriters to adopt a risk-based asset approach, investment in digital growth and product development among others.

This was the resolution of the National Insurance Commission (NAICOM) and the Chartered Insurance Institute of Nigeria (CIIN) at the just concluded 2022 Business Outlook Seminar organised by the CIIN, with the theme ‘Economic Policies of the Government in 2022: Challenges, Issues and Prospects’.

Speaking at the programme, the Commissioner for Insurance, NAICOM, Sunday Thomas, said the Commission has continued to implement effective policyholder protection schemes and market development while strengthening regulatory oversight and risk management.

According to him, the Commission has also improved on the use of security funds for settlement of insolvency and distress, improved enforcement of market conduct rules and enhanced insurance awareness by policyholders.

He affirmed that operators need to embrace a risk-based capital approach, enhanced investment in digital capabilities and automation and standardise capacity development programmes to grow the industry.

The President/Chairman of Council, CIIN, Dr. Muftau Oyegunle, said the forum was an avenue where industry players and financial institutions converged to review the business environment.

He said the programme examined the national budget, reviewed the thrust of the fiscal and monetary policies of the government and assessed how these would influence the insurance industry, in particular, and the economy, in general.

While making his presentation, the Managing Director/Chief Executive Officer, Dr. Oladimeji Alo, said there was a bright prospect in the insurance industry that was yet untapped.

According to him, this is one of the reasons foreign investors are coming into the Nigerian insurance industry.

He said there was a need for insurance companies to increase awareness on improved claim payment by the industry and attract the public with friendly retail products.