The National Insurance Commission, NAICOM,
has said that the country is much likely to attain
a sustained economic growth and development
if it can adapt its insurance industry with
innovative ways that will bring on board the
generality of the country’s population. Commissioner for Insurance, Mr. Fola Daniel
stated this at the sensitisation workshop for
stakeholders on key initiatives of the
Commission held in New Karu, Nasarawa State
last week. According to Daniel, it is in this wise that
NAICOM incepted the Market Development and
Restructuring Initiative (MDRI) in 2009 to among
others enforce compulsory insurances and
eradicate fake insurances in the country. Daniel said “This initiative has been vigorously
pursued by the Commission across the six geo-
political zones of the country. We are not
hesitant to solicit your support in the
implementation of compulsory insurances in
Nigeria especially as regards insurances of your buildings and assets.” Daniel stated that the
Nigerian insurance industry has witnessed
tremendous changes in recent times owing to
the new reforms embarked upon by NAICOM. “These reforms include the introduction of Risk
Based Supervision, migration to International
Financial Reporting Standard (IFRS) from the
Nigerian Generally Accepted Accounting
Principles (NGAAP); Market Conduct Reforms,
Claims Settlement Reforms, Financial Inclusion, etc, all geared towards developing the industry
and improving the general perception about
insurance,” Daniel said.
“Suffice it to say that these reforms are in line
with the Federal Government’s vision 2020:20
of deepening insurance penetration to become the insurance industry of choice among the
emerging markets in terms of capacity, safety,
transparency and efficiency.” Daniel stated that in order to ensure adequate
understanding and build capacity amongst the
stakeholders, the Commission did resolve to
conduct series of workshops and seminars for
all stakeholders, adding “Permit me to say that
today’s programme is amongst the series of workshops and seminars earmarked to inform
and educate our stakeholders towards the
attainment of mutually beneficial relationship
between our organisations. I therefore consider
this forum an appropriate channel to raise public
awareness on the key initiatives of the Commission aimed at further opening up the
insurance market, and by extension increase the
sector’s contributions to the Gross Domestic
Product (GDP) of the nation.” Having also recognised the urgent need to
develop the retail insurance market which has
remained grossly untapped considering the vast
population of the country, Daniel said that it
became imperative for the Commission to
incorporate micro-insurance and takaful as important vehicles for achieving greater
insurance penetration in the country. He said “In collaboration with GIZ of Germany
and other development agencies, the
Commission in 2012 conducted a Country-wide
Diagnostic study on the viability of micro-
insurance in Nigeria. One of our goals was to
generate at the end of the exercise, a document that will enable us take evidence –
based decision on the issue of micro-insurance in
Nigeria and also serve as a public resource in its
own right. Indeed, the report of the study
reveals huge potentials amongst the low
income groups and was consequently adopted by NAICOM for the development of a micro
insurance framework in Nigeria. “Similarly, NAICOM recently released the
Takaful Guidelines to the market and now is
ready for implementation. Preparatory to the
commencement of the operation of the
guidelines, the Commission has embark on
series of capacity building programs for its management and technical staff in order to
position the commission to effectively
implement and supervise takaful operation in
Nigeria.
has said that the country is much likely to attain
a sustained economic growth and development
if it can adapt its insurance industry with
innovative ways that will bring on board the
generality of the country’s population. Commissioner for Insurance, Mr. Fola Daniel
stated this at the sensitisation workshop for
stakeholders on key initiatives of the
Commission held in New Karu, Nasarawa State
last week. According to Daniel, it is in this wise that
NAICOM incepted the Market Development and
Restructuring Initiative (MDRI) in 2009 to among
others enforce compulsory insurances and
eradicate fake insurances in the country. Daniel said “This initiative has been vigorously
pursued by the Commission across the six geo-
political zones of the country. We are not
hesitant to solicit your support in the
implementation of compulsory insurances in
Nigeria especially as regards insurances of your buildings and assets.” Daniel stated that the
Nigerian insurance industry has witnessed
tremendous changes in recent times owing to
the new reforms embarked upon by NAICOM. “These reforms include the introduction of Risk
Based Supervision, migration to International
Financial Reporting Standard (IFRS) from the
Nigerian Generally Accepted Accounting
Principles (NGAAP); Market Conduct Reforms,
Claims Settlement Reforms, Financial Inclusion, etc, all geared towards developing the industry
and improving the general perception about
insurance,” Daniel said.
“Suffice it to say that these reforms are in line
with the Federal Government’s vision 2020:20
of deepening insurance penetration to become the insurance industry of choice among the
emerging markets in terms of capacity, safety,
transparency and efficiency.” Daniel stated that in order to ensure adequate
understanding and build capacity amongst the
stakeholders, the Commission did resolve to
conduct series of workshops and seminars for
all stakeholders, adding “Permit me to say that
today’s programme is amongst the series of workshops and seminars earmarked to inform
and educate our stakeholders towards the
attainment of mutually beneficial relationship
between our organisations. I therefore consider
this forum an appropriate channel to raise public
awareness on the key initiatives of the Commission aimed at further opening up the
insurance market, and by extension increase the
sector’s contributions to the Gross Domestic
Product (GDP) of the nation.” Having also recognised the urgent need to
develop the retail insurance market which has
remained grossly untapped considering the vast
population of the country, Daniel said that it
became imperative for the Commission to
incorporate micro-insurance and takaful as important vehicles for achieving greater
insurance penetration in the country. He said “In collaboration with GIZ of Germany
and other development agencies, the
Commission in 2012 conducted a Country-wide
Diagnostic study on the viability of micro-
insurance in Nigeria. One of our goals was to
generate at the end of the exercise, a document that will enable us take evidence –
based decision on the issue of micro-insurance in
Nigeria and also serve as a public resource in its
own right. Indeed, the report of the study
reveals huge potentials amongst the low
income groups and was consequently adopted by NAICOM for the development of a micro
insurance framework in Nigeria. “Similarly, NAICOM recently released the
Takaful Guidelines to the market and now is
ready for implementation. Preparatory to the
commencement of the operation of the
guidelines, the Commission has embark on
series of capacity building programs for its management and technical staff in order to
position the commission to effectively
implement and supervise takaful operation in
Nigeria.
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