BY MARK ITSIBOR, Abuja
The Commissioner for insurance and chief executive officer of the National Insurance Commission (NAICOM), Olorundare Sunday Thomas has said the commission is now prepared to make positive impact on the nation’s economy with its new innovations.
The NAICOM CEO said the agency’s strategic policies that include digital based all-inclusive insurance penetration drive and digital transformation in the commission are some of the initiatives that are expected to produce a more robust sector for maximum contribution to the nation’s economy.
“I know the investment climate is difficult, but we are determined to make a difference,” the Commissioner remarked at a seminar for insurance reporters in Uyo yesterday.
Mr. Sunday said NAICOM was going to engage the industry with its new information technology (IT) guideline. “It is no longer a historical reporting; it is going to be reporting as at now!”
He said the insurance watchdog will take advantage of the nation’s “population to advance our insurance penetration.” Sunday noted that Nigeria’s over 200 million population is a large market for the insurance market to explore and mobilise resources for economic growth.
He highlighted the success story of the commission’s financial inclusion drive, but acknowledged the need for improvement.
He sought the cooperation of the media to drive down the penetration of insurance in the annals of the country.
“We have a lot of challenges ahead of us. But we are determined to tackle those challenges,” he stressed, adding: “I have given myself out in the next four years. I believe with the will and determination, we can do something.”
He promised to carry all the relevant stakeholders along in the administration of insurance, especially in the next four years.
The NAICOM said his team has been able to stabilise the commission over time and has been able to resolve some of the issues bothering the commission.
“We cannot drive insurance in Abuja or lagos. Each and everyone has to make effort for the enforcement of the insurance,” he said, while assuring of his determination “to ensure we have wider insurance cover.”