The Commissioner for Insurance and Chief Executive of National Insurance Commission (NAICOM), Mr Olusegun Omosehin, on Tuesday said that the risk-underwriting industry’s financial soundness and stability remained crucial to enabling it to support businesses and contribute to the $1 trillion economy target set by the present administration by 2030.
Omosehin, made this remarks at the 9th Annual Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE) on Tuesday in Lagos, with theme ‘Towards A $1 Trillion Economy: Roles of Insurance and Pension Sectors.’
Represented at the forum by the commission’s Head of Corporate Affairs, Mr. Abba Halil Inuwa, the commissioner noted that adequate capitalisation, complemented by insurers’ risk profiles, remained vital for the insurance industry’s growth and development.
The Commissioner pointed out that the desired and pragmatic support for a $1 trillion economy could be achieved by leveraging technology to enhance insurance accessibility, adding that consolidated financial solutions and one-stop shops have become the norm, necessitating insurance industry’s adoption as a critical sector of the economy to remain relevant.
He said: “As the insurance regulator, NAICOM is therefore committed to creating an enabling environment that will consistently enhance increased capacity of the insurance institutions, as well as ensuring that the insurance industry becomes stronger and more stable in delivering on its responsibilities.”
The industry chief, who noted that the theme of conference resonated with the insurance sector’s aspiration of contributing significantly to the projected $1 trillion economy, added that recently the insurance sector had been at the forefront of discussions regarding its potential to unlock our economy’s growth.
According to him, as a vital component of the financial sector, insurance has been playing a critical role in mobilizing savings, managing risk, ensuring financial stability, creating job opportunities, and driving long-term projects and infrastructure development.
To achieve these objectives, the NAICOM boss maintained that the commission had implemented various market developmental initiatives aimed at enhancing the insurance sector’s competitiveness and robustness.
He expatiated: “In line with the insurance industry roadmap, we have identified five critical areas for immediate implementation.
“These encompass safeguarding policyholders’ interests; strengthening supervisory capabilities; improving industry safety and soundness; fostering innovation and sustainability; and enhancing insurance accessibility and penetration.
“With the current strategies in place, the Nigerian insurance market is poised for rapid and stable growth, characterised by significant improvements in operational statistics.
“A collaborative effort among sector stakeholders will facilitate seamless growth. Our collective focus must remain fixed on fulfilling obligations to policyholders”, he added
Omosehin further stressed that prompt settlement of genuine claims remained crucial to market growth, addressing the sector’s obvious and perceived challenges, even as he noted the essential role NAIPE had been playing in shaping and maintaining a positive image for the insurance industry and the financial sector at large.
The Commissioner noted that the collective and individual efforts of NAIPE members were truly commendable and deserving of recognition.
He said: “I extend my sincerest appreciation to NAIPE for promoting the insurance sector positively across various platforms; I am very optimistic that pension and insurance editors can work together to promote financial literacy and education.
“Clear, concise, and accurate reporting can empower the public to make informed decisions about retirement planning, insurance coverage, and investment.
“I need not overstate the expectations of constructive feedbacks and suggestions from this conference, that will galvanise our collective contributions to the policy reforms and growth of our economy.
“Let us explore opportunities in collaboration as we maximise our valuable and selfless service that can propel the sector and national economy forward,” he said.
In his address, Chairman of the event and former Commissioner for Insurance, Mr. Fola Daniel, said the theme of the conference was not just timely but insightful, as the country continues to navigate the challenges and opportunities in the global insurance market.
According to him, the mission of NAIPE has always been clear – to enhance the quality of information disseminated to the public and to foster a deeper understanding of the complexities within our industries.
He clarified: “Today, we are privileged to have with us a diverse array of speakers, thought leaders, and industry experts who will share their insights on the evolving landscape of insurance and pensions.
“Editors carry a significant responsibility. They are the gatekeepers of information, the storytellers of our industries.
“It is our duty to ensure that our narratives are not only accurate but also accessible to the public. In a world where misinformation can spread like wildfire, our role has never been more crucial.
“Let us use this conference not only to learn, but to forge stronger connections and partnerships that will benefit our industries and by extension, the people we serve”, the industry veteran added.
