BY NKECHI NAECHE- ESEZOBOR——The National Insurance Commission ( NAICOM), on Thursday said the long awaited insurance industry strategic plan will be launched in October at the 2023 National Conference in Abuja.
Speaking at a two days seminar for financial journalists in Uyo, Akwa Ibom State, the Commissioner for Insurance Sunday Thomas, said that the strategic plan cut across the entire gamut of the industry from underwriting to broking to adjusting.
He noted that the plan is important to the industry and will also enable the industry to have codified strategic initiatives that will be implemented over a given period.
Operators are of the view that the plan will help the successive leadership that comes in to address some challenges in the sector.
It will also help to guide the action of leadership in terms of what the industry want to achieve as an industry. It will keep the industry focus.
On capacity building he said “Our initiative in capacity building is also ongoing and it gladdens my heart to say that the commission is not just giving to the industry, itself have become a part taker of the great initiative of capacity building. Two of our new staffs that were recruited in 2020 are almost qualified certified actuarial analysts. This are some of the recruitment we did when I came in as the Commissioner for insurance”
In the area of product development, he said “we have approved so many and probably initiated some of those product by selling the ideas to the market. We have a responsibility to make insurance available and we do those by authorizing operators to increase the style size of the transaction.
“ We have licensed some additional micro insurance companies. We have approved additional products for those that are there and we are encouraging them at every point to go out there and do the selling. To a very large extend I think there has been a lot of improvement in terms of numbers.”
