The National Insurance Commission (NAICOM) has promised to raise the standard of insurance practice in Nigeria at par with world standard.
The Commission gave the assurance that it has put in place high level technical and managerial manpower to rid the market of challenges and infractions that had bedeviled the industry to the extent that has damaged the image of the market as backbone of the economy.
According to an insurance technocrat in the Commission, the transformation agenda will affect all segments of the industry – Insurers, reinsurers, brokers, loss adjusters and agents.
He told AssurPen Online “The transformation agenda has been ongoing beginning from the Commission itself to retool and reposition the industry for the 21st Century market.
Said he “the transformation offer effective platform specifically to reposition the market to be a standard goal-post risk-bearer, as well as remove decades of cheats and mal-practices that has brought bad image to the industry.
“Therefore, we are ready to rid the industry of charlatans that has no business to remain in the industry. More also, we are ready to do all that is necessary that investors who put their money in the industry will benefit from their investments – an industry that will meet obligations to the insuring public as and when due and pay dividends to shareholders and regulators’ fees’.
“In the developed economies, insurance is the backbone of the economy and they are well respected. We strongly believe when the industry is able to meet our obligations to the insuring public, the market will be respected by the government and supported by investors”.
There are many sound insurance technocrats in the industry who can compete favourably with their international counterparts in this industry, but the few bad-eggs who have no business remaining in the market must be shown the way out of the system.