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| From left: Commissioner for Insurance, Fola Daniel and President of Chartered Insurance Institute of Nigeria (CIIN), Bola Temowo, at the ongoing 2014 Chartered Insurance Institute of Nigeria (CIIN), professional forum in Abeokuta, Ogun state. |
Chuks Udo Okonta
The International Monetary Fund (IMF) in a recent evaluation of the
operations of the National Insurance Commission (NAICOM) has urged the
regulatory body to adopt a more rigorous regulation to protect policyholders
and the integrity of the industry.
The Commissioner for Insurance Fola
Daniel, disclosed this today at the yearly Chartered Insurance Institute of
Nigeria (CIIN), professional forum going on in Abeokuta, Ogun state
He noted that the IMF said the commission's regulatory activities indicated
that the industry is under-regulated and thereby recommended a more rigorous
regulation to protect policyholders and the integrity of the industry.
He said NAICOM will remain focused on enabling the market for progress,
stressing that its primary mandate of protecting policyholders shall not be
compromised.
Daniel called on the operators to introduce dynamic strategies
that will help to deepen Insurance reach amongst the vast population of the
country.
According to him with the old based economy, the sector barley
contributes 0.7 percent to the GDP, adding that with the rebasing, the
contribution of the industry has drop by 0.1 percent to stand at 0.6 percent.
He urged them to come up with new ways of doing business in other
to achieve better results on investment.
He added that if the industry must move forward, there is need for
them to change their marketing strategy, products design and packaging of
products to meet the present need of customers across the nation.
On insurance education in the nation tertiary institution, he said
the commission has granted financial supports to University of Lagos and seven
other higher institutions of learning in the country. He added that at this is
aimed at instilling insurance knowledge and understanding among the younger
generation and thereby deepening insurance education.
Other schools that benefited from the support are Ahmadu Bello
University, Lagos State University, University of Uyo, IMT Enugu, Federal
Polytechnic Offa, Niger Delta University and Evans Ewerem University.
Daniel assured that the many other schools will benefit from the
financial support from the next phase of the commission’s intervention funding.
He however commended the efforts of CIIN in promoting insurance
education at both secondary and tertiary levels, adding that noble efforts
culminated in the expenditure of over N15 million for the production of
textbooks and professional course materials at both levels of education.
He also applauded the institute for introducing the Insurance
Industry Consultative Council (IICC) which serve as a voice on national issues
on behalf of the industry.
Daniel added that the commission is committed to promoting
financial literacy through the introduction of Micro insurance, takaful
insurance, and agricultural insurance policies as a vehicle for meeting the
needs of the masses.
He said microinsurance sector around the world has grown rapidly
over the past ten years and is expected to double by 2020, producing coverage
for over one billion people, adding that with right products, microinsurance
would herald the much desired quantum leap in the industry.
He noted that the significant growth brings new and exciting
innovations in products addressing health, agriculture and property insurance.
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