The National Insurance Commission and the Chartered Insurance Institute of Nigeria have emphasised the need for operators in the insurance sector to ensure strategies that will boost its growth.
The organisations spoke in Lagos on Wednesday during the 2022 business outlook forum organised by the CIIN, with the theme ‘Economic policies of the government in 2022: Challenges, issues and prospects.
The Commissioner for Insurance, Mr Sunday Thomas, who spoke on the topic ‘Strategies aimed at cushioning the effects of the COVID-19 on the operations of the Nigerian insurance industry and the way forward,’ said the commission ensured increased visibility for the insurance sector.
He said NAICOM had continued to implement effective policyholder protection schemes.
“The commission reviewed current policyholders’ protection schemes and improved use of the security fund for settlement of insolvency and distress; improved enforcement of market conduct rules; and monitored degree of customer satisfaction and enhance insurance awareness by policyholders in Nigeria,” Thomas said.
He said NAICOM ensured risk-based capital approach, enhanced investment in digital capabilities and automation, standardisation of reports and capacity development programmes, among others.
The President/Chairman of Council, CIIN, Muftau Oyegunle, described the forum as an avenue where key players in the insurance industry finance subsector of the economy converged to review the business environment in the country, for the immediate past year and strategise on the way forward for the insurance industry in the New Year.