Welcome address by Fola Daniel at the commissioning of NAICOM'S Ilorin office

　

WELCOME ADDRESS BY MR. FOLA DANIEL, COMMISSIONER FOR INSURANCE/CHIEF EXECUTIVE OFFICER, NATIONAL INSURANCE COMMISSION (NAICOM) DURING THE COMMISSIONING OF THE NORTH-CENTRAL ZONAL OFFICE OF THE COMMISSION IN ILORIN ON THURSDAY, JULY 04, 2013.

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Your Excellency permit me to express the　appreciation of the management and staff of the National Insurance Commission (NAICOM) for this honour done us to personally commission the North-Central Zonal office of the Commission here in Ilorin, in spite　of your very busy schedule.

The National Insurance Commission (NAICOM) is established to regulate and supervise the Nigerian Insurance Industry. The Commission derives its regulatory and supervisory powers from the National Insurance Commission and Insurance Acts 1997 and 2003 respectively.

As an agency of the Federal Government, the Commission’s activities are coordinated from its headquarters in Abuja. It has also a Control Office in Lagos and two zonal offices in Kano, and Enugu.　

To achieve its mandate of deepening insurance penetration and awareness in the country, the Governing Board of the Commission in 2011, approved the establishment of three additional Zonal Offices to be located in Ilorin, Port-Harcourt and Maiduguri respectively.　

These locations were carefully selected owing to their strategic economic importance and relevance to the growth and development of insurance in the respective zones.

Let me inform you, your　Excellency, ladies and gentlemen　that the office we are here to commission today is to serve the entire North-Central zone. The Commission is making arrangements to commission the South-South and North East Zonal offices.

The Commission in its quest to deepen insurance penetration in our country established a developmental platform called the Market Development and Restructuring Initiative (MDRI).

The programme is in line with the Federal Government’s FSS2020 development framework and has amongst its goals:

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 sensitization 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. Allow me to mention some of the improvements recorded in the industry in the past few years as follows:

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 GDP from 0.5% to 0.7%;

Collaboration with PENCOM to develop the annuities market;

Companies with foreign equity increased from 3 to 10, generating substantial foreign direct investment,

Increase in local capacity for Oil and Gas risks from10% to 48%, and

Commencement of implementation of Section 50 of the Insurance Act 2003 which has improved financial assets of operators.

Let me finally; on behalf of the Commission commend His Excellency on the purpose-driven leadership that will positively transform Kwara State. We salute and share in your dream. We wish you more successes in office and pray God to continue to strengthen you.

Your Excellency, ladies and gentlemen, once again I thank you most sincerely for your time.

Fola Daniel,

Commissioner for Insurance