The Commissioner for Insurance Alhaji Mohammed Kari has listed latest challenges facing sub-regional insurance industry as new business challenges, changing laws and regulation among others.
He said given these challenges, though the future of the insurance sector is hard to predict, it can be prepared for.
He described the challenge of changes in regulation as a by-product of the past financial crisis and the globalisation of the world’s economy, which has enmeshed nations of the world together irrespective of geographical boundaries.
He however said notwithstanding these challenges, there is enough potential for positive growth of the insurance sectors in the West African states.
Kari however said this requires the collaborative efforts of the players, regulators and governments in the region.
“The potential I see are not limited to some prospective demand for insurance products but for the operator’s collective efforts to address common issues that were hitherto seen as individual’s problems.”
The Commissioner, who spoke at the recent West African Insurance Company’s Association (WAICA) conference said such conferences should create opportunities for operators and regulators alike, to compare and exchange notes on how each market is tackling its individual challenges, and how best to avoid others’ adverse experiences.
“I have witnessed first-hand how coming together can easily overcome previously presumed not insurmountable hurdles. I invite the delegates from our sister countries to learn from their Nigerian colleagues how the market and regulator have come together to create a development front for tackling issues. I also request the visiting delegates to share their experience with us for the same benefit”, he said..
He said the global insurance markets is one and the same but only differs in magnitude but not in substance.
He said participants at the conference in their deliberations should remain conscious of other regions’ resolutions and ideas, thus acknowledging the age-long adage of not having to reinvent the wheel.
“Let me reiterate that this conference is as thoughtful as it is timely. Our overall desire is to have an industry that is knowledge driven and run in line with international best practice in our respective countries”. So let us all join hands to build a stronger regional market that is capable of competing with its peers in other regions,” he said.
Kari also enjoined the insurers to come out with resolutions and ideas that can make the regional insurance industry the envy of Africa and the world.
“Let us learn from each other and let us work together in order to overcome challenges confronting us, economic or otherwise.
From the operator’s level to regulators, we need to interrelate and cooperate with each other in order to overcome challenges, and no challenge is as topical these days as the challenge of the modern economy.”