Nigeria

NAICOM: Nigerian government’s support has energised insurance industry

The Chief Executive Officer (CEO), National Insurance Commission (NAICOM), Sunday Thomas, has said that the best of the insurance sector will soon be unveiled, following the recent support it has been receiving from the federal government.

Thomas stated this in an interview with newsmen on the sidelines of the 47th Africa Insurance Organisations (AIO) Conference and Annual General Assembly held in Lagos, with the theme ‘Rebuilding Africa’s Economy: An Insurance Perspective’.

He noted that the support of President Muhammadu Buhari and the Minister of Finance, Budget and Planning during the conference was a pointer to energising NAICOM to regulate the market in a way that would make a difference.

According to him, the sector will soon experience a turnaround, as the regulator will be unfolding policies to drive the objectives of the industry from time to time.

“Government is the driver of the economy. By empowering the private sector, policy formulation that factors in insurance will now have more attention than ever before.

“The president has recognised the insurance industry as a mobiliser of funds for economic growth and this is a game-changer for the sector,” he said.

The commissioner stated that the insurance sector had been moving at a slow pace in terms of numbers for some time now, but with the recent happenings, it was now time for a jump.

He explained that insurance enables businesses and allows them to grow. It is a labour mobiliser that grows the economy by building confidence in investors.

“As the regulator, we will shift in some policies, because they no longer suit modern trends. I will do all that is within my power to put in place initiatives that will rewrite the history of the industry.

“We will give guidelines and support to drive the development of the market, without abandoning our responsibility as a supervisor and regulator.

“We will also do our best to till the ground for the market to harvest,” he said.

Over 600 local and foreign delegates from the insurance sector across Africa physically attended the conference, while others participated virtually.

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