Stakeholders Embark On 10-year Plan To Reposition Insurance Industry

Stakeholders in the insurance industry are embarking on a 10 years plan that will reposition the insurance landscape in the country.

The stakeholders comprises of the insurance industry regulator, operators and trade association who are coming together under a committee that will be responsible for the creation of a 10-year plan for the industry.

The plan, when in operation, will ensure that the industry realise its N1 trillion annual gross premium target, improves on claims payment, enhances the capacity of operators to absorb large risks, reduce risks flight in insurance industry, among others.

Briefing journalists at the end of the Insurers’ Committee meeting in Lagos at the weekend, the vice-chairman, Publicity Sub-Committee, Mr. Segun Omosehin, said all the associations in the industry have been asked to nominate their members who will constitute a committee that will take charge of drafting the 10-year document.

Stating that the Insurers committee deliberated on the need for an industry-wide strategic plan, he said, the strategic document will codify the long-term aspiration of the industry within a given period of ten years.

Omosehin, who is also the managing director/chief executive officer, Old Mutual Nigeria, said the plan will be a high level document that will have in it what the industry intends to achieve.

“The need for a strategic plan is to enable us as an industry has codified strategic initiatives that will be implemented over a given period of ten years. This will help the successive leadership that comes in so that there are no vacuum. It helps guide the action of leadership in terms of what we want to achieve as industry. It keeps us in focus.

“That is what the strategic document is meant to do for the industry and it will cut across the entire gamut of the industry from underwriting to broking to adjusting. It is going to be a ten-year plan,” Omosehin said.

The industry rebranding project, according to him, will be an integral element of the document.

Another member of the committee and head, Corporate Communication and Market Development, National Insurance Commission (NAICOM), Mr. Rasaaq Salami, said NAICOM, as a regulator, will be part of the plan which will cover the various associations in the industry.

He said different associations within the sector have been asked to nominate members that will be part of the committee who will handle the drafting of the document.