Daniel
Chuks Udo Okonta
The influx of foreign underwriters into the Nigerian Insurance market, is already generating positive competition, the Commissioner for Insurance Fola Daniel, has said.
He disclosed this in an interview with a daily newspaper, stressing that he feels very proud that during my tenure as Commissioner for Insurance, all the major international insurance firms - the likes of AIG, AXA, Old Mutual, Metropolitan Life , Sanlam have shown interest in the Nigerian market.
"My excitement is derived from the value addition their entry will bring to bear on the market, particularly in area of new products development and technical capacity. The new entrants are coming from well developed markets where good governance has become an imperative and not an option.
"It is therefore expected that their experience will impact the local market. Consumers are also provided with wider choice of service providers. It is already generating positive competition," he said.
He noted that the cleansing exercise carried on by the commission also began to enhance the integrity of the sector and the international community did not fail to notice what has happened in the insurance industry in Nigeria.
"So, in the last five years, we have been having increasing enquiries and attempts to enter. The results are the significant entries. I’m very happy that the reforms we have carried out in the Nigerian insurance industry have not just attracted foreign investors but have enthused the local investors to become buyers of insurance stocks by choice," he added.
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