NAICOM urges stakeholders to embrace innovative options

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United Bank for Africa

The National Insurance Commission (NAICOM), has urged stakeholders in the Nigerian insurance industry to embrace innovative options and productive collaboration that would help the country achieve financial inclusiveness.

Mr George Onekhena, the Deputy Commissioner, Finance and Administration NAICOM said this while presenting the Inclusive Insurance Road Map for Nigeria (2018-2020) at the Insurance Industry Consultative Council 2018 Conference in Abuja.

“Given a world of increasing complexity and uncertainty, all stakeholders should be open to innovative options and productive collaboration.

“The industry needs to pay more attention to and invest in inclusive insurance markets because of its promise for the future and government expectations thereof.’’

According to the commissioner, the importance of inclusive insurance cannot be overemphasised as it will help the Federal Government meet its expectations in the Economic Recovery and Growth Plan (EGRP).

“Inclusive insurance will help government meet its expectation of ensuring job creation, it will prevent poverty and boost confidence in the face of risk.

“Inclusive insurance will provide the opportunity that is needed to improve the image of the industry and ensure brand building for individual insurance institutions among others,’’ he said.

Onekhena urged operators to re-examine the fundamental assumption that the insurance gap in the country was huge.

He said being that the industry was service oriented, qualified and value adding employees should be deployed at all times.

The NAICOM official advised operators to also desist from unhealthy competition among each other as this would not allow the industry to grow.

In his remarks, Mr Shola Tinubu, the President, Nigeria Council of Registered Insurance Brokers (NCRIB) urged stakeholders to ensure the use of statistics in the industry.

According to him, the industry is supposed to be based on statistics, but we do not care about our data.

He also reiterated the need for innovative technology in the insurance industry as it would add a lot of value to the sector.

He commended efforts being made by the regulators so far, while urging them not to relent nor hold the industry back due to fear of the unknown.

Also speaking, Alhaji Femi Hassan, the President, Institute of Loss Adjusters of Nigeria (ILAN) urged the government to ensure legislative framework that would trigger the process of inclusive insurance.

Hassan also urged operators to collaborate with relevant stakeholders to drive the process.