FG Renews Pledge To Revamp Insurance Sector

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In a reaffirmation of its commitment, the Federal Government of Nigeria, led by the Commissioner for Insurance (CFI), Sunday Thomas of the National Insurance Commission (NAICOM), has renewed its dedication to transforming the insurance sector and ensuring the safety of Nigerians.

This commitment was restated during the National Insurance Conference 2023 in Abuja, which revolved around the theme “Redefining Safety – Insurance Solutions for Public Buildings and Buildings under Construction.”

During the conference, Thomas highlighted the commission’s crucial role in raising public awareness about compulsory insurance packages and fostering collaboration among law enforcement agencies, state governments, professional bodies, and stakeholders. The aim is to enhance National Safety Standards and effectively enforce compulsory insurances.

Under Thomas’s leadership, NAICOM remained steadfast in implementing initiatives to promote the growth of the Nigerian insurance industry, aligning itself with the nation’s economic development. Notable achievements include significant growth in premium income, which increased from N282 Billion in 2014 to N726.2 Billion in 2022, as well as the growth of the sector’s total assets from N827.5 Billion to N2.33 Trillion during the same period.

Despite these successes, Thomas acknowledged that the industry faces challenges such as a talent gap, low public awareness, insurance affordability, lack of trust in insurers, cultural and religious biases, inadequate distribution channels, and low enforcement.

Looking ahead to the next decade: 2024-2033, Thomas outlined seven strategic thrusts for the insurance industry: they include regulatory transformation, increased insurance awareness, digitalisation, talent pool enhancement, and support for Nigeria’s economic transformation.

The Minister of Finance, Wale Edun, reiterated the importance of the insurance sector in national development, emphasising its role in protecting the government from unforeseen disasters. He encouraged stakeholders to address industry challenges and assured the government’s commitment to creating an enabling environment for the insurance sector to flourish.

The conference was attended by government officials, royal figures, and industry stakeholders who pledged their commitment to the safety and well-being of Nigerians.

 

 

 

 

 

 

 

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