The National Insurance Commission (NAICOM) has urged industry stakeholders to prioritise regulatory adherence to realise new agenda of increasing insurance penetration and ensuring efficient prompt claims settlements in Nigeria.
The commission revealed this when the new leadership of the commission visited the Nigerian Insurers Association (NIA) to discuss collaborative efforts to move forward the nation’s insurance sector, saying that they want the players in the market to work together to enhance insurance penetration while assuring policyholders of maximum protection.
Speaking at the joint meeting with the NIA, the new Commissioner for Insurance, Olusegun Omosehin, said the commission is committed to fostering a robust and stable insurance industry that prioritises the protection of policyholders and beneficiaries, stating that, “My mandate is to ensure a safe, sound, and stable insurance sector that can protect policyholders, and consumers, and build public trust in the insurance industry.”
Omosehin assured the underwriting companies of the commission plans to revisit the placement of insurance business adverts for greater visibility and awareness, NIA is establishing a claims payment committee to facilitate prompt settlements, while the regulatory body said, it is enforcing insurance for public buildings and construction projects to ensure safety, even as it is set to enhance collaboration with government agencies for regulatory efficiency.
He also said plans are ongoing to digitalise agency license processes for improved speed and convenience, reconstituting the Insurance Industry Consultative Council (IICC) committee to drive industry growth and development, supporting the implementation of the Nigerian Insurance Industry Portal (NIIP) for better digitalisation and accessibility while collaborating the National Pension Commission (PenCom) on group life enforcement to ensure compliance and establishing a maximum retention period for claims records to improve data management, among others,” he stressed.
In response, NIA members’ companies, represented by their Chief Executive Officers, shared their concerns and expectations to help realise NAICOM’s vision for the industry.
They required NAICOM’s support for NIA’s claims payment committee to be established which would help facilitate prompt settlements.
NIA also asked the commission to enforce insurance for public buildings and construction projects to ensure safety, strengthening the collaboration with government agencies for regulatory efficiency.
