FG Directs NAICOM To Deepen Insurance Penetration With Products
The Federal Government has directed the National Insurance Commission (NAICOM) to evolve strategies that would deepen insurance penetration in the country by making operators develop new insurance products and policies. The directive was given by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed in Abuja on Monday when the Governing Board of NAICOM paid her a courtesy visit.
Addressing members of the NAICOM Board, Mrs Ahmed said “there would be a need to achieve more insurance penetration in the country. In this regard, there is a need to evolve new insurance products and policies.”
The Finance Minister, while speaking directly to the Board members said, “members should commit to develop and implement policies that would promote the reputation of the industry through prompt payment of claims. Your target should be to take the industry to greater and enviable heights during your tenure.”
Chairman, Governing Board of NAICOM, Dr Abubakar Sani in his address, told the minister that they are “working hard to proffer solutions to curb the ugly trend of insurance failure by way of instituting strong regulatory measures in the Board of directors of all the insurance entities to make them perform better, by adhering to their corporate rules that establish them.”
He added that NAICOM will “enforce the professional code of ethics among the insurance entities, strengthen their corporate governance, which the board believes will sanitise the market”.
Dr Sani disclosed that the NAICOM Board will in due course “revisit the matter of recapitalisation of the insurance industry and clean up its act with the enforcement of code of ethics of insurance profession and practice, and code of good corporate governance in companies.
“In addition, the Board has promised to create an enabling environment for insurance industry to beef up their capital through mergers and acquisitions, and invitation of fresh capital from the local and international investors.
“Accordingly, Investors Forum where insurance companies that need capital will interact with potential investors: insurance companies will come together to showcase themselves where there will be due diligence to enable potential investors to know their financial status.”
The Board appealed to the Minister to support its effort to look “for investors that would make the Nigerian insurance industry robust to effectively strengthen the entities to play their roles in making other businesses thrive in the country
Addressing members of the NAICOM Board, Mrs Ahmed said “there would be a need to achieve more insurance penetration in the country. In this regard, there is a need to evolve new insurance products and policies.”
The Finance Minister, while speaking directly to the Board members said, “members should commit to develop and implement policies that would promote the reputation of the industry through prompt payment of claims. Your target should be to take the industry to greater and enviable heights during your tenure.”
Chairman, Governing Board of NAICOM, Dr Abubakar Sani in his address, told the minister that they are “working hard to proffer solutions to curb the ugly trend of insurance failure by way of instituting strong regulatory measures in the Board of directors of all the insurance entities to make them perform better, by adhering to their corporate rules that establish them.”
He added that NAICOM will “enforce the professional code of ethics among the insurance entities, strengthen their corporate governance, which the board believes will sanitise the market”.
Dr Sani disclosed that the NAICOM Board will in due course “revisit the matter of recapitalisation of the insurance industry and clean up its act with the enforcement of code of ethics of insurance profession and practice, and code of good corporate governance in companies.
“In addition, the Board has promised to create an enabling environment for insurance industry to beef up their capital through mergers and acquisitions, and invitation of fresh capital from the local and international investors.
“Accordingly, Investors Forum where insurance companies that need capital will interact with potential investors: insurance companies will come together to showcase themselves where there will be due diligence to enable potential investors to know their financial status.”
The Board appealed to the Minister to support its effort to look “for investors that would make the Nigerian insurance industry robust to effectively strengthen the entities to play their roles in making other businesses thrive in the country
