NIA unveils 19 areas of focus for NAICOM’s consideration to grow insurance sector

The Nigerian Insurers Association (NIA) has unpacked 19 areas of interest for the National Insurance Commission (NAICOM) to consider in order to boost the insurance sector’s growth in the country.

The points were unveiled by the NIA when the new NAICOM leadership paid a courtesy visit to association in Lagos, recently.

The Commissioner for Insurance (CFI), Mr Olusegun Omosehin, reiterated his commitment to foster a robust and stable insurance industry that prioritises the protection of policyholders and beneficiaries.

He said, “My mandate is to ensure a very safe, sound and stable insurance sector that can protect policyholders and consumers, and build public trust in the insurance industry.”

Furthermore, he outlined his administration’s agenda, which he said focuses on increasing insurance penetration, ensuring efficient and prompt claims settlements.

Stressing the importance of compliance with industry regulations to achieve NAICOM’s vision, he urged stakeholders to prioritise regulatory adherence.

Omosehin, who was accompanied by his deputies, Dr Usman Jankara and Mr Ekerete Ola Gam-Ikon, visited the NIA to discuss how both bodies can partner to advance the growth of the insurance sector.

Responding, the NIA members, represented by their CEOs, shared their concerns and expectations, which they said could help actualise NAICOM’s vision for the industry.

The NIA chief executives implored the management of NAICOM to revisit the placement of insurance business adverts for greater visibility and awareness.

They sought NAICOM’s support for the establishment of the NIA’s claims payment committee that would help facilitate prompt settlements.

Other key points of focus presented by the NIA to the management of NAICOM for consideration included: “Enforcing insurance for public buildings and construction projects to ensure safety, enhancing collaboration with government agencies for regulatory efficiency, digitalising agency license processes for improved speed and convenience, reconstituting the IICC committee to drive industry growth and development and supporting the implementation of the Nigerian Insurance Industry Portal (NIIP) for better digitalisation and accessibility.”

The NIA also requested for “Collaborating with PenCom on group life enforcement to ensure compliance and establishing a maximum retention period for claims records to improve data management.”

They also pressed for the need to accelerate the approval of new products to drive innovation, “Considering industry perspectives in policymaking for inclusive decisions, segmenting industry players to promote specialisation and competitiveness, ensuring timely approval of principal officers for leadership stability, forming strategic partnerships with the government to boost economic growth, speeding up the transformation roadmap for timely implementation, sanctioning members involved in premium rate cutting to enforce compliance, promoting public-private sector collaboration in government business, ensuring market discipline to promote a culture of compliance and accountability.”

The meeting reiterated the commitment of NAICOM and NIA to collaborate towards the growth and development of Nigeria’s insurance industry.

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