BY NKECHI NAECHE-ESEZOBOR–The National Insurance Commission (NAICOM) is confident that insurance industry Gross Domestic Product (GDP) will increase from 0.4 per cent to over 3.0 per cent by 2030.
The commission is also optimistic that improvement of insurance consumer trust and confidence in the sector will also lower insurance gap from 94 per cent to 70 per cent in same period of 2030.
Speaking at the 2022 retreat for financial correspondents held in Uyo, Akwa Ibom State, Rasaaq ‘Salami, Head, Corporate Communications & Market Development, while presenting his paper entitled: ‘NAICOM’s Market Development Initiatives: The Journey so Far’, said the industry gross premium income will also improve to N6 trillion by 2030.
He identified market conduct guideline; bancassurance guideline; Takaful Insurance guideline; Microinsurance guideline; RBS Framework/Own Risk Assessment (ORSA); Nigerian Insurance Industry ICT guideline, as strategies the industry can apply to achieve the growth it desired by 2030.
He however noted that market development is a costly affair and requires huge capital to keep going thus and funding is critical.
He assured that the commission will continue to work with all stakeholders to develop strategic, sustainable and implementable initiatives for deepening insurance penetration to enable optimal contribution to the Nigerian economy.
Speaking further, Director, Inspectorate of the National Insurance Commission, Mr. Pius Agboola said for insurance companies to declare assets, the assets must be of good value and in good location.
An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit.
Assets are created to increase a firm’s value or benefit the firm’s operations and are reported on the companies balance sheets.
Agboola who delivered a paper on ‘Risk Based Supervision Implementation: Commission’s Perspective”, a company may have an assets but the location where it is situated can devalue the asset.
He described NAICOM as Africa’s leading regulator in RBS noted that regulator’s method of assessing firms involved studying .the company to know its business nature.
