NAICOM Sets Seven Point Agenda for Insurance Sector Transformation 

NAICOM Sets Seven Point Agenda for Insurance Sector Transformation 

Ebere Nwoji

The National Insurance Commission (NAICOM), said it has set a seven point agenda aimed at continuing its transformation agenda in insurance sector.

The commission also said it would launch a ten year strategic roadmap for the insurance sector as well as a guidance note for the insurances of government assets and liabilities.

The commissioner for Insurance, Mr Sunday Olorundare Thomas stated this at the 2023 National Insurance Conference held in Abuja.

He said over the next decade (2024-2033), the Insurance industry would seek to continue its transformation journey along the following seven strategic thrusts with the objective of achieving the corresponding goals.

He listed the agenda as; transforming the regulatory environment to sustain the industry growth transition to risk-based capital model, promoting insurance awareness and adoption, broadening insurance product offerings and improving effectiveness of distribution channels

Others are; enhancing digitalisation of the insurance industry, deepening the industry’s talent pool and capabilities and supporting Nigeria’s economic transformation and sustainability agenda.

Thomas said NAICOM under his leadership had remained resilient and focused on implementing initiatives that would foster development of the Nigerian insurance industry and align its fortune with that of the nation as the Africa largest economy.

He said the initiative had enhanced the commission’s distress management and market restructuring.

He highlighted others as implementation of Project E-Regulation through operationalised Business Process Management Solution and NAICOM Portal.  

“The BPMS is currently being used to process applications from insurance institutions while the Portal remains the focal point for generation of unique policy identification numbers for all policies as well as repository for statistical data including verification of insurance policies issued in Nigeria. Implementation of an actuarial capacity development programme for the Nigerian insurance industry, ”he explained.

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