April 20, 2024
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NAICOM to boost insurance growth via media capacity buildin

The National Insurance Commission (NAICOM) has revealed plans to increase insurance penetration in Nigeria through media capacity building.T

he Commissioner for Insurance,

Sunday Thomas while declaring open the ongoing retreat for financial journalists with the theme,  Improving Insurance Access Through Market Development and Innovation in 2022 an Beyond’ holding  in Uyo, the Akwa Ibom State capital said the retreat was designed to interact with the media and intimate  them with the developments in the insurance industry.
The Commissioner, who was represented by the  Deputy Commissioner, Technical NAICOM , Honourable Sabiu Abubakar stated that the event became necessary to correct negative impressions about  insurance industry through media reports as well disseminate to the whole world progress recorded in the industry.
” As you are aware, this programme is designed to interact with you . To brief you of the developments in the industry. To brief you so that you will adequately inform others.   And the whole  effort is to disseminate to the public and the whole world the progress  insurance industry has made”, he said.
Presenting a paper titled, ‘Risk Based Supervision Implementation: Commission’s Perspective”, Director, Inspectorate Mr Pius Agboola said the rationale behind Risk Based Supervision (RBS) was to identifying early risks firms might be having,  acting properly and applying effective intervention..
Agboola, who described NAICOM as Africa’s leading regulator in RBS noted that regulator’s method of assessing firms involved studying .the company to know its business nature.
Others involved identifying that risk that could be harmful to the company, assessing the ability of the management to control the risk, assessing if the firm has earning, capital and capacity that could minimise the overall net risk and finally rate the company and proffer solutions based on the rating.

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