NAICOM renews plan to grow insurance industry by 2020

The National Insurance Commission (NAICOM), yesterday reiterated its plan to further grow the Nigerian insurance industry by 2020.
Deputy Commissioner, Technical, NAICOM, Mr. Sunday Thomas, said the commission was working to ensure the success of its major priorities for 2017 to 2020.
He reiterated NAICOM’s desire to collaborate with state governments to ensure the effective implementation of the second phase of the commission’s Market Development and Restructuring Initiative (MDRI).
MDRI aimed at addressing the issues of compulsory insurance products, insurance agency system, fake insurance institutions and risk-based supervision.
It planned to bring about necessary reforms in the areas of industry capacity, market efficiency and consumer protection in the Nigeria insurance market.
He said arrangement was being made to speak to Governors Forum: “And part of the selling point is the fact that it is going to enhance their employment initiative, increase their IGR, among other advantages.”
On claims payment, he said it was an important issue and the commission would not shy away from carrying out its duties regarding claims.
He noted that the commission had the backing of the law to withdraw licences from companies for non compliance but could only do that following the right procedures.
On implementation of the risk-based supervision of the commission, Thomas said that a kind of pilot inspection was about to be conducted.
He explained that NAICOM would, in the pilot phase, test run the selected companies to see their level of adaptation to new concepts over the years.