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From left: The Commissioner
for Insurance, Fola Daniel and President of Chartered Insurance Institute of
Nigeria (CIIN) Fatai Lawal at the event in Ibadan, Oyo State.
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From left: The President
Nigerian Council of Registered Insurance Brokers (NCRIB) Mrs Laide Osijo and Commissioner
for Insurance, Fola Daniel at the event in Ibadan, Oyo State.
Chuks Udo Okonta
The Commissioner for Insurance, Fola Daniel, has called on insurance
operators to allow the benefits obtained from the “No Premium No Cover policy” impact
on their claims settlement, staff remuneration and better returns on investment
for shareholders.
He disclosed this today Thursday at the on-going 2013 Professionals’ Forum
organised by the Chartered Insurance Institute of Nigeria (CIIN) in Ibadan, Oyo
State.
Daniel said: “The on-going
implementation of the no premium, no cover rule has significantly improved the
cash flow of insurance institutions. It is therefore expected that this would
impact on our claim settlement ability, thus removing a major sore point in the
relationship of insurance consumers and service providers. We expect this
positive turn of events to enhance employee remuneration and better returns on
investment for shareholders.”
He called on insurers to develop
the retail insurance market which has remained grossly untapped in Nigeria;
considering the nation’s vast population, adding that the sector is currently
embarking on several reforms geared towards developing the industry and
improving the general perception of insurance.
He said the Commission
incepted various reforms in the industry aimed at facilitating deeper market
penetration and contribution to the nation’s Gross Domestic Product (GDP),
stressing that the commission is glad to note that these efforts are beginning
to yield positive results, but more needs to be done.
“It is the Commission’s
believe that insurance professionals need to develop the retail insurance
market which has remained grossly untapped in Nigeria; considering our vast
population.
“The insurance sector is
currently embarking on several reforms which include transition to IFRS, Risk
Based Supervision, Market Conduct, Claims Settlement Reform; Financial
Inclusion, all geared towards developing the Nigerian Insurance industry and
improving the general perception of insurance. The industry is indeed in motion,”
he said.
President of CIIN, Fatai
Lawal, stated that the annual professional forum will continue to provide the
robust platform for collective review of the workings of the sector and by extension
strengthen insurance practice and the industry.
He noted that the working
together by the industry’s players, will enable them harness the enormous
insurance opportunities in the country.
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