NAICOM sets to restructure the insurance sector


Commissioner for Insurance/CEO, National Insurance Commission, Thomas Sunday says, Commission’s market development and restructuring initiative, amongst others, will facilitate enforcement of compulsory insurance as part of efforts to increase insurance penetration, improve access to insurances, and sensitize the polity on the benefits of insurance. He made this known at the Annual Insurance Professionals’ Forum being organized by the Chartered Insurance Institute of Nigeria in Ogun State.

He says ” The choice of theme for this year’s edition “Power of the Past: A Force for the Future of the Insurance Sector in Nigeria”, is apt and relevant to the current efforts to enhance the performance of the insurance industry and diversify its productive base.’ He added that Institute will continue to get better if only all stakeholders continue to collaborate and cooperate as professionals.

Saying “The founding fathers of the CIIN did lay a solid foundation with the big dreams of berthing a world class educational Institute designed to fill the void that existed then for the baking of thorough-bred insurance professionals. It is charged with the general duty of determining the standards of knowledge and skills to be attained by persons seeking to become registered members of the insurance profession in Nigeria.”

“Thus, the burden to ensure standards, professional ethics and discipline lies with the institute. We may want to ask ourselves in our quiet moments if these lofty dreams of the founding fathers which I can say was once achieved is being sustained.” He therefore called on all stakeholders in the Insurance sector to work  together so as to explore all possible means to take insurance to a new level that will enhance contribution to the nation’s economy.

The Commissioner further applauds the efforts of those companies that are alert to their responsibility of prompt claims payment and encourage them to sustain the good practice. Saying Insurance practitioners must be seen to be fighting this cause genuinely and collectively for the future of insurance to be as bright as we expect it.


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