BY NKECHI NAECHE- ESEZOBOR—Stakeholders in the Nigerian insurance industry have hailed the National Insurance Commission, (NAICOM), for a successfully hosting its first National Insurance Conference 2023 aimed at promoting awareness and ensuring all buildings in the country are adequately insured.
Speaking on the sideline of just concluded conference with the theme:‘Redefining Safety: Insurance Solutions for Public Buildings and Buildings under Construction’, the Group Managing Director of NEM Insurance Plc, Tope Smart commended the commission for the theme and well planned National conference.
He said the commission has done very well in bringing the major stakeholders to come and partner with insurance industry operators.
On implementation he said “If some of the initiatives are well implemented, I see it as a game changer for the industry. Is going to add a lot of income to the industry, an avenue to promote insurance.
“Is a national conference organized by NAICOM and I believed all major stakeholders came to promote insurance and this will add great value to insurance as a profession.”
Also, President of West African Insurance Companies Association (WAICA), Eddie Efekoha, said the conference and the theme, has helped raised awareness on insurance.
The president who also doubles as Group Managing Director of Consolidation Hallmark Insurance Plc, said “one of the pillars of the 10-year strategic plan which I initiated during my tenure as Chairman of Nigerian Insurers Association was about awareness, which is a very strong pillar in the strategic goal of the industry.
“Sometimes we think that a lot of us know the values of insurance and we also think that without prompting people, they would do the needful, but it is not always the case.
“This conference together with the theme particularly, is a reminder of the role we all have to play. Bear in mind, the host of this conference is the National Insurance Commission which is the adviser on insurance to the government. So expectedly, the government should know their role and should champion the things we should do to promote insurance.”
“If you look back, you will find out there are a lot of grounds to cover, hence the conference is one of those great initiatives by the commission, because is a reminder to the commission and the government that they have a lot of role to play.
On why it’s necessary for government to insure it’s assets, Efekoha said:“If a building collapses and they do not have the resources they would deep their hands to reach out to victims, it then makes more economic sense to pay the premium which is less than one per cent of the entire cost of the risk. The conference is really apt, as it would help the government appreciate the need to leverage insurance in mitigating risks.”
The Commissioner for Insurance/Chief Executive Officer of NAICOM, Mr. Sunday Thomas, said, the theme is only one out of numerous efforts of the Commission at creating the needed awareness of the general public of compulsory insurances.
According to him the commission has created the platform to strengthen collaboration with relevant government and non-government agencies and other stakeholders.
This he said is being done to ensure that enforcement of all classes of compulsory insurances across the country are carried effectively.
He highlight projects being implemented by the Commission as part of the its medium term NAICOM Strategic Plan 2021–2023, which includes ensuring improved safety and soundness of the Nigerian insurance sector to continue to de-risk economic activities of Nigerians through the enhancement of our prudential regulatory tools and good corporate governance practices.
Others are migration of the Commission’s supervisory regime to align with global best practices, noting that it has enhanced the Commission’s distress management and market restructuring.