Tuesday, January 07, 2020
/04:35AM / By NAICOM / Header Image Credit: Allchemist
Being Keynote Address By The Ag.
Commissioner For Insurance , Mr. O S. Thomas At The Seminar For Insurance
Journalists Held At Bristol Palace Hotel, Kano, Kano State On
January - 6, 2020.
Protocol,
Compliments of the season! It is a great pleasure
for me to be in your midst this morning and it also gladdens my heart that we
are meeting at this time; just 6 days into the New Year 2020. It goes a long
way to show how much we cherish our relationship and our desire to improve on
it.
The year 2019 obviously had its low and high
moments, benefits and turbulences. Apparently, we all experienced its positive
and negative consequences, leaving us with the bitter-sweet lessons that will
ultimately shape our decision making in this and subsequent years.
The Commission as always must commend your
contributions and support in the preceding years while also looking forward to
a better working relationship and continuous collaboration with you on a
sustainable basis. Your efforts in reporting the initiatives of the Commission
and other information that have impacted positively on the image of the
insurance industry is commended and well appreciated.
The theme for this seminar "Strategic Focus of the
Commission in the year 2020; from Compliance to Development" is apt and timely
as the Commission is shifting focus from compliance issues to emphasise more of
its market developmental responsibility.
As the Year 2020 continues to unfold, giant
strides will be made by the Commission in all aspects of its statutory responsibilities.
This is the time to put the past behind us and look forward to a better and
more vibrant sector. The task of building an insurance sector of our dreams is
a collective one and thus, all hands must be on deck to ensure our dreams
become realities.
We
recognise the impact of conducive work environment to effective and efficient
regulatory system and this will always remain our priority.
The second phase of the MDRI will soon be unveiled
and it will mark out clear targets and tasks for all stakeholders in the
industry. Going forward, we shall vigorously pursue the continued
implementation of Compulsory Insurances in every nook and crannies of the
Country. We are certainly not unaware of the challenges inhibiting the
successful implementation of these classes of insurance thus far hence, our
resolve to work with relevant stakeholders to ensure a seamless drive.
Indeed, the successful implementation of
compulsory classes of insurance across the nation will ensure adequate
protection of our strategic National Assets. We will be working with the
relevant security agencies to guarantee effective and efficient monitoring of
compliance.
The initiative to recapitalise the insurance
sector is no longer news. The essence of the recapitalisation is a move
to ensure that the industry becomes more robust in its technical competence and
financial base, building confidence, trust and enhancing market value. This is
aimed at repositioning the sector for self-actualization in terms of growth and
development. I wouldn't want to dwell much on this as the paper presenters will
be giving us update on this initiative. But let me state in clear terms that
the recapitalization process is up and running in line with the roadmap and the
Commission will see to its logical conclusion come December 31, 2020.
The financial inclusion strategy has been central
to the Federal Government developmental plan and the Commission has over the
years invested hugely in the development of financial inclusion mechanisms
which includes the introduction of Microinsurance and Takaful Insurance
products. The introduction of these lines of insurance is intended to deepen
the penetration of insurance in the country and bring into the fold majority of
the populace that are hitherto excluded. So far, some milestones have been
recorded in this regard with three standalone Microinsurance and four Takaful
insurance companies already granted approvals.
The Commission shall continue to deploy more
energy and resources in building public trust and confidence in insurance
despite years of poor perception. In this regards, your optimum support is
required as whatever you write or report about the industry will go a long way
in building or destroying the fragile image of the sector. I will therefore implore
you to carryout thorough investigation before writing or reporting any
contentious issue about the sector. You are all professionals and we have so
much respect for you in that regard.
The annuity business made headlines recently with
a boost in the contribution of the business to the sector. The public is
becoming more exposed and knowledgeable about the workings of Annuity, this we
expect will continue as the future is looking very bright for the business as
we have witnessed. This has also shown a positive growth in trust and
confidence in the sector.
The Commission is committed to ensuring financial
soundness and viability of the insurers and the adequate protection of
policyholders at all times. These will continue to be part of our regulatory priorities.
We will continue to ensure that genuine claims are promptly paid while also
ensuring a reasonable protection of investments of shareholders.
In demonstrating its willingness to protect the
policyholders, the Commission has further strengthened its Complaint Bureau
Unit to respond to public complaints over claims settlement. Available
statistics have shown that there have been great improvement in this area.
Ensuring the right pricing of insurance products
and effective deployment of technology for ease of transaction are among the
key areas the Commission will be emphasising this year. Digitalisation of
insurance business is no longer an option, but an imperative which we all have
to work towards its actualisation. As we may all be aware, the industry is
currently lagging behind other financial services sectors in this area. The
Commission is working vigorously to see that all its operations are
digitalised. The year 2020 is a year for us to turnaround the
fortunes of the industry and this cannot be
accomplished without digitalising
our processes and encouraging the industry to imbibe same.
The Commission shall in the course of the year will continue
to introduce new reforms and initiatives in line with international best
practices for attaining the level of growth and development we all desire for
the sector.
Once again I welcome you all to this seminar and
wish you successful stay in the ancient city of Kano.
Thank you.
O. S. Thomas
Ag. Commissioner for Insurance
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