NAICOM Unveils Insurance Industry Strategic Roadmap.
(Business Africa Digest)-A ten(10) year insurance industry transformation roadmap has been unveiled by the National Insurance Commission(NAICOM).
The Commissioner for Insurance/Chief Executive Officer of NAICOM, Mr. Olorundare Sunday Thomas dropped the hint at the ongoing National Insurance conference holding in Abuja.
According to him, the decade-long roadmap (2024-2033) is built upon seven strategic pillars, which include regulatory transformation, risk-based capital models, insurance promotion and adoption, product diversification, distribution channel optimization, digitalization, talent development, and support for Nigeria’s economic transformation.
The theme of 2023 National Insurance Conference is “Redefining Safety – Insurance Solutions for Public Buildings and Buildings under Construction.
He noted that the seven strategic objectives will guide the Commission’s transformation efforts over the next ten years, adding that NAICOM will launch the Guidance Note for Insurances of Government Assets and Liabilities.
Speaking on the insurance industry’s performance between 2014 and 2022, the NAICOM boss noted that significant growth has been witnessed with premium income increasing at an average rate of 13.6%, reaching N726.2 billion from N282 billion.
He said total assets of the sector also expanded by an average of 12%, rising from N827.5 billion in 2014 to N2.33 trillion in 2022.
He emphasized several flagship projects implemented as part of the medium-term NAICOM Strategic Plan 2021–2023, which is enhancing the safety and soundness of the Nigerian insurance sector through improved prudential regulatory tools and corporate governance practices.
Others are transitioning the supervisory regime to align with global best practices, improving distress management and market restructuring, Implementing Project E-Regulation through the operationalization of Business Process Management Solution and NAICOM Portal and developing an actuarial capacity program for the Nigerian insurance industry.
He however acknowledged several challenges affecting insurance industry growth, which include but not limited to talent gaps, low public awareness, affordability issues, trust and confidence deficits, cultural and religious biases, inadequate distribution channels, and low insurance enforcement.
