NAICOM frowns at insurance position in financial sector

 

Chuks Udo Okonta

The National Insurance Commission (NAICOM) has expressed worry over the position of the insurance in the financial sector, saying that it has remained a 3rd-level player in the financial services sector of West African States.

 

NAICOM tasked the insurance practitioners in the West African Sub-region to step up efforts on cross-border integration that would enable exchange of information and data necessary to deepen market penetration.

This development, the Commission stated would ensure that insurance firms engender trust and acceptance in the sub-region through enforcement of rules and regulations.
Commissioner for Insurance Fola Daniel, made the disclosure at the Inaugural Meeting for the Integration of the Insurance Sector in the West African Insurance Companies Association Member States (WAICA) and Guinea going on at the ECOWAS Secretariat, Abuja

Daniel who was concerned that banking and capital market sectors had successfully established their integration Councils with the West African Monetary Zone (WAMZ), noted that the insurance sector must step up its efforts as the industry regulators were poised to achieve this as quickly as possible.

“The insurance sector has remained a 3rd-level player in the financial services sector of West African States. While the other components of the financial services sector in the sub-region have all moved on and firmed up processes for their integration, it is regrettable that same cannot be said about the insurance sector.