Chairman of the Governing Board of National Insurance Commission, NAICOM, Prince Chibudom Nwuche, has said that he has five strategic goals aimed at moving the insurance industry forward. Nwuche disclosed this at an interactive session with insurance industry operators held in Lagos recently.
Nwuche said that his leadership will focus on deepening insurance penetration in Nigeria, strengthening insurance institution, enhancing the commission’s regulatory capacity and oversight, effective management of stakeholders’ expectation and optimizing revenue collection and effective management of resources He said that in addition to ongoing efforts to facilitate compliance with the laws on compulsory insurance, the governing board is committed in ensuring the successful implementation of financial inclusion initiatives such as the microinsurance and takaful insurance.
He added that the board will ensure adequate level of capital and ensure effective implementation of the risk framework for insurance institutions. In his remarks, Chairman of Nigerian Insurers Association, NIA, Mr. Remi Olowude called for the immediate review of 2003 Insurance Act. According to Olowude, most of the laws governing insurance business operation have become obsolete and completely out of tune with the prevailing circumstances. He noted that if the insurance industry is to contribute positively to the nation’s Gross Domestic products there is need for the laws governing insurance to be reviewed.
He also frowned at the non-inclusion of the insurance industry in the bailout plan of federal government, noting that the federal government bailed out the banking sector, Stockbrokers and aviation sector but left the insurance industry which happens to be the risk bearer of the any economy. The NIA boss said that many institutions and enterprise all over the world benefited from bailout plan by their government after the economic crises and financial meltdown of 2008.
He noted that many insurance companies are still groaning from the losses suffered as a result of the crash in the stock market, adding that recovering has been difficult and returning to profit a herculean task. He however urged them to look towards the direction of insurers in that regard
