The National Insurance Commission, NAICOM has revealed plans to roll out a unified industry master plan that would address some of the pending industry’s challenges that would be released in October this year.
The plan, according to the commission, is important to the industry and will also enable the industry to have codified strategic initiatives that will be implemented over a given period.
They said operators are of the view that the plan will help the successive leadership that comes in to address some challenges in the sector.
It will also help to guide the action of leadership in terms of what the industry wants to achieve as an industry. It will keep the industry focused.
The commission also revealed they aware that some operators are violating the industry rules particularly, the new third-party motor rates and promise it will carry out necessary actions in due time.
Addressing some of these issues, the Commissioner For Insurance Sunday Thomas, through a paper delivered at a seminal organised for Media with the theme: “The improving Stakeholders Perception 2023 and Beyond” held in Akwa Ibom State, warned some of the underwriting firms not to sell policy below the official rate and commended other operators that have been making positive commendations on the impact of the new rates and increased benefits.
On the transition from International Financial Reporting Standard 4 (IFRS 4) to IFRS 17 and its Implementation, Thomas said Nigeria’s Insurance Sector is far ahead of most countries in Africa. He said that a lot of companies are on course, already the commission had constituted teams comprising actuarial firms that had worked assiduously on the exercise. “We have encouraged operators to work together to minimise the cost of transition from IFRS 4 to IFRS 17, IFRS 4 was good but IFRS 17 is more about transparency. We are ready for the implementation this 2023.”
“By my position engaging other countries in Africa, we are way ahead of most jurisdictions as most don’t even know what it is or started anything.
He noted that the government is firm on its new stand on insurance and is already nurturing with the commission a strategic guideline that will serve as a blueprint for the government’s new front on insurance purchase that would be religiously followed by Government Agencies and Departments.
“Besides, His Excellency the President Bola Ahmed Tinubu, established an insurance culture in Lagos when he was Governor, and until today except for one Governor who ‘didn’t pay premium all the other Governors to date have paid premiums and followed the template that he put down for insurance. He is replicating that at the Federal level.”
“During that National conference, the strategic plan that is signed to by every arm of the industry for the very first time would be launched.
“It is also important to let you know that our initiative in capacity building is also ongoing and it gladdens my heart to say that the commission is not just leaving to the industry itself has become a partaker of the great initiative of capacity building.
“As a sector, we have so many plans but we are yet to accomplish all the plans.
