Nigeria: Insurance Sector Can Enhance Economic Growth – NAICOM

Monday, September 23, 2013

The National Insurance Commission, NAICOM, has said that the country is much likely to attain a sustained economic growth and development if it can adapt its insurance industry with innovative ways that will bring on board the generality of the country’s population.

Commissioner for Insurance, Mr. Fola Daniel stated this at the sensitisation workshop for stakeholders on key initiatives of the Commission held in New Karu, Nasarawa State last week.

According to Daniel, it is in this wise that NAICOM incepted the Market Development and Restructuring Initiative (MDRI) in 2009 to among others enforce compulsory insurances and eradicate fake insurances in the country.

Daniel said “This initiative has been vigorously pursued by the Commission across the six geo-political zones of the country. We are not hesitant to solicit your support in the implementation of compulsory insurances in Nigeria especially as regards insurances of your buildings and assets.” Daniel stated that the Nigerian insurance industry has witnessed tremendous changes in recent times owing to the new reforms embarked upon by NAICOM.

“These reforms include the introduction of Risk Based Supervision, migration to International Financial Reporting Standard (IFRS) from the Nigerian Generally Accepted Accounting Principles (NGAAP); Market Conduct Reforms, Claims Settlement Reforms, Financial Inclusion, etc, all geared towards developing the industry and improving the general perception about insurance,” Daniel said.

Source: Vanguard (link opens in a new window)