Insurers to launch unified  master plan in October

The Nigerian insurance industry is set to launch the unified strategic master plan  during the industry’s 2023 National Conference slated for October this year.

The Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas disclosed this at a three-day seminar organised by the Commission for journalists in Uyo, Akwa Ibom State.

Thomas who used the opportunity to brief journalists on the plans and activities of the Commission, said “During that National conference the strategic plan that is signed to by every arm of the industry for the very first time would be launched.

“It is also important to let you know that our initiative in capacity building is also ongoing and it gladdens my heart to say that the Commission is not just leaving to the industry, itself has become a partaker of the great initiative of capacity building.

“Two of our new members of staff recruited in 2020 are certified as actuarial analysts. They did this in a recorded time. These are some of the improvements we made since I came into office.”

According to him, as a sector, we have so many plans but we are yet to accomplish all the plans.  We have done some of them yet much more are yet to be done.

He said when he came into in 2020, the gross premium income (GPI) was about N450 billion but as at close of business in 2022, “we have about N723 billion (over 20% increase).”

“Several initiatives we started since 2020 some have been completed; some are ongoing. Of course it’s no longer news today,  as broker you do not need to come to the Commission to get your certificate renewed, in the comfort of your room, you can sit down and upload your paper and get your certificate renewed.

“Some of the teething problems we started with have been overcome and some are being overcome, NAICOM boss said.

In the area of products development, he said the Commission has approved so many products and initiated some of those products by selling ideas to the market.

One thing I would also want you to know is that we are working  very seriously for our National Conference scheduled for October this year.

While thanking the journalists for their support thus far, the Commissioner said “the  Commission has enjoyed the cooperation of the team both at individual level and also within the sector.”

Assuring journalists for the Commission’s continued cooperation/collaboration, Thomas said “every opportunity I have to do more, I will not spare the opportunity”

“Its been tough, but we are overcoming: we are overcoming every hardship, and I believe that with your cooperation, those things we are doing or planning to do, will get across to the public through you.’