The National Insurance Commission (NAICOM) has emphasized the importance of regulatory reforms in order to solve the issues that African insurance markets face.
“The time for change has come in the regulatory challenges in the African insurance markets”, said Sunday Thomas, the Commissioner for Insurance, during the 47th African Insurance Organisation (AIO) in Lagos last week.
The regulators do not make laws; they are given laws to implement. So, they have limitations in that area. Of course, largely there has to be a lot of collaboration between the regulator and the regulated entities to foster the transformation that we all desire.
l can tell you how the Nigerian market is. It is not just by accident that we are improving on the technology starting in the Commission. But we need the operators to put up policies in place to drive the markets and these are some of the gaps. But, l must say that the time for change has come for all”.
Mrs Ebelechukwu Nwachukwu, The Chairperson of the Local Organising Committee of AIO 2021, said: “There is no doubt that the COVID-19 pandemic has left its debilitating effects on many economies and there are efforts at addressing these challenges.
“This informed the decision of the LOC to use the opportunity of the 47th AIO conference to contribute to discussions around how insurance can contribute to ongoing efforts at rebuilding economies seriously impacted by the pandemic”.
The COVID-19 epidemic, she claims, informed the conference’s subject, “Rebuilding Africa’s Economy: Insurance Perspectives”.
Recall that, The new board of directors and management of NICON Insurance Limited and Nigeria Reinsurance Corporation have been approved by the National Insurance Commission (NAICOM) (Nigeria Re). The adjustment is intended to improve the seamless operation, efficiency, and effectiveness of the two businesses.
The reason for the changes in the boards and management of the two insurance firms is that the Asset Management Corporation of Nigeria (AMCON) has taken over the major investor’s interests in the two organizations, and the Bureau for Public Enterprises (BPE) is collaborating with AMCON to bring much-needed stability to the organizations’ operations.