Chuks Udo Okonta
The National Insurance
Commission (NAICOM) today July 4, commissioned its North-Central Zonal Office
in Ilorin.
The Commissioner for Insurance and
helmsman, NAICOM, Fola Daniel, at the event said the commission was established
to regulate and supervise the Nigerian Insurance Industry, adding that NAICOM
derives its regulatory and supervisory powers from the National Insurance
Commission and Insurance Acts 1997 and 2003 respectively.
He noted that as an agency of
the Federal Government, NAICOM’s activities are coordinated from its
headquarters in Abuja, with a Control Office in Lagos and two zonal offices in
Kano, and Enugu.
He said to achieve the
commission’s mandate of deepening insurance penetration and awareness in the
country, its Governing Board in 2011, approved the establishment of three
additional Zonal Offices to be located in Ilorin, Port-Harcourt and Maiduguri.
Daniel noted that these
locations were carefully selected owing to their strategic economic importance
and relevance to the growth and development of insurance in the respective
zones.
He said the Commission is
making arrangements to commission the South-South and North East Zonal offices,
adding that in the quest to deepen insurance penetration, NAICOM, established a
developmental platform called the Market Development and Restructuring
Initiative (MDRI), which is in line with the Federal Government’s FSS2020
development framework.
Daniel noted that the goals of
MDRI are to promote public understanding of insurance mechanism; build
confidence in the Nigerian Insurance Market, grow the gross premium income, increase
insurance density and contribution to GDP and ensure enforcement and monitoring
of compulsory insurances in Nigeria.
“This programme has been launched
in all the six geo-political zones of the country including the Federal Capital
Territory, Abuja. The Commission also embarked on massive sensitisation
campaigns across the country to further educate and inform the public about
insurance, build confidence and grow the gross premium income.
“The outcome of these efforts
by the Commission is already being felt in the industry and by extension, the
economy,” he said.
He noted that some improvements
recorded in the industry in the past few years include, increase in the number of policyholders from 500,000 in
2010 to 1,500,000 in 2012, gross premium income increased from N157 billion in
2010 to N250 billion in 2012; and, resulted in an increase in the ratio of
premium to Gross Domestic Product from 0.5 per cent to 0.7 per cent; collaboration
with National Pension Commission (PENCOM) to develop the annuities market.
Others are; companies with foreign equity increased from three to 10,
generating substantial foreign direct investment, increase in local capacity
for Oil and Gas risks from10 per cent to 48 percent, and commencement of implementation
of Section 50 of the Insurance Act 2003 which has improved financial assets of
operators.
Daniel also lauded the Governor of
Kwara State for his purpose-driven leadership, which he said will positively
transform the state.
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