The commissioner for insurance and chief executive officer of the National Insurance Commission (NAICOM), Mr. Sunday Thomas, has said the nation’s insurance industry is poised to write big ticket risks, especially with current capitalisation.
Speaking at the launch of Heirs Insurance Limited (HIL) and Heirs Life Assurance Limited (HLA), both subsidiaries of the Heirs Holdings Group in Lagos yesterday, he said the commission has been rolling out various initiatives aimed at deepening insurance penetration in the country.
“With the level of capitalisation of these companies, I have no doubt that the Nigerian insurance market is poised to write big ticket risk. We want to minimise outflow and conserve foreign exchange for national development,” he stated.
Thomas commended the chairman of the Heirs Holdings Group, Tony Elumelu, for his resilience and doggedness and the determination to add value to the insurance industry. He added that the two companies will “’join us in building the new insurance sector that is going to de-risk other sectors of the economy
“The commission expects that the affairs of this company will be conducted with extant Insurance sector corporate governance guidelines and other directives.The independence of the board and its committees including ensuring adequate disclosure and transparency are required of these companies.”
On his part governor of Lagos state, Babajide Sanwo-Olu, noted that “we need to encourage the private sector because they are the real engine of growth. We need to acknowledge that, no matter how well the government does, we certainly cannot employ everybody that needs to be employed.
“It is a new beginning they are bringing to the sector. They told us that it is going to be simple. They are going to use technology as a strong enabler and it is going to be accessible and affordable. These are really strong words that are emerging that businesses of today require.”
In his address, the chairman of Heirs Holdings Group, Tony Emumelu, noted that the journey that started seven years ago has finally come to fruition. “It is good when our policy makers, regulators and public sector leaders begin to understand that for us to create employment that our people dearly need, the three must work together.
“With this licence, we will create more job opportunities, add to our tax revenue and create more economic activityies. Look at this building we are in, engaging contractors, core and non-core staff, we have created about 150 jobs.”