The National Insurance Commission (NAICOM) has solicited African governments’ support to improve the continent’s insurance industry’s performance by implementing the necessary policies and other measures that will help in improving the sector.
Nigeria’s Commissioner for Insurance, Mr. Sunday Thomas, made the appeal to the newly elected president of the African Insurance Organization (AIO), Mr. Tope Smart, to explore the opportunities availed by his office to collaborate with stakeholders.
He explained that doing this remained a major element in scaling the insurance industry in Africa like the banking and telecommunication sector.
Noting that there is a need to improve the insurance performance from the current under-performing level the NAICOM’s boss charged the AIO president to coordinate government across the African continent so that each of them would play their roles in creating enabling environment for insurance to grow.
According to him, the AIO should persuade the government to jettison the border barrier to encourage the movement of trade within the continent and to promote healthy competition, promote knowledge sharing among other objectives that are needed for a thriving market in Africa.
The industry expert also expressed his satisfaction that Nigerian leaders were paying the needed attention to the sector, especially by showing concern for the growth of the sector as partly demonstrated with the government’s representatives at the AIO conference.
He said: “The founding father of AIO had a very thoughtful foresight by making sure we have this forum that has over the years achieved tremendous success in harmonizing the African insurance market and bringing together experts of different insurance facilities annually to discuss burning issues affecting the continent and the rest of the world. I believe the outcome of all our deliberations in the last few days will go a long way in helping us thrive higher in achieving our goals and objectives.
“The journey ahead may not be all smooth, especially due to the effect of the COVID-19 pandemic and the shapes of our economies across Africa presently. Here is a huge task ahead of you and your team, but working with you over the years has given me confidence that you are equal to the task. I can vouch for your hard work, resilience, foresight, and determination.
“The signing of the African continental free trade agreement has provided an avenue to foster unity and integration within the African region. It provides an avenue for the achievement of a common market for goods and services, guaranteeing free movement of human resources, investment, and technology”, the NAICOM’s boss stressed.
