• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Monday, May 23, 2022
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

NAICOM Advances Solutions For Insurance Industry Transformation That Disable Effects Of Covid-19

Nwanne Ikemefune by Nwanne Ikemefune
February 24, 2022
in Insurance
0 0
0
NAICOM Head office
0
SHARES
26
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The National Insurance Commission has set out the way forward for the insurance industry, embrace a new approach that cushions the aftermaths of Covid-19, experience a robust regulator that feels the concerns of the operators and equally ready and firm with oversights and grand protection of consumers all in the direction of forward thrust.

In his assembly of “Strategies Aimed at Cushioning the Effects of the Covid-19 on the Operations of the Nigerian Insurance Industry and the way Forward,” which was presented today at The 2022 Business Outlook Seminar by the Chartered Insurance Institute of Nigeria, the Commissioner for Insurance Mr Sunday O. Thomas, noted that the pandemic has leveraged and strengthened remote access management policy and procedures, bringing a new shift for all human endeavours. At the level of digital capacity he stated this has nurtured quickly the need to reinforce cyber protections against cyber criminals and tame their onslaughts against companies data and remotely working. Besides, there is the need for issuance of ICT standards for the industry.

Thomas noted that the insurance industry has become more visible since the pandemic, earning the commendation of President Mohammadu Buhari for supporting the efforts to contain the Covid-19 but needed to do more in its role in reducing vulnerabilities in all risks. Besides, he said the Commission has a stake in the stability of the industry and has not lost focus of this leading to some policies and programmes wearing relaxed tags. This seen seen in the extension of the recapitalisation exercise, transition to risk based supervisory regime, postponement of IFRS 17 commencement date, and regulatory forbearance.

He said the regulator has responsibility to strengthen regulatory oversight and risk management and also implement effective policyholder protection schemes which involves improved enforcement of market conduct rules and also monitor degree of customer satisfaction and enhance insurance education.

NAICOM boss said the Commission has scaled up its project e-Regulation and has moved up more steps market development with the current collaborative model international and local stakeholders.

He rolled out ten point team with no preference that works together to launch forward, which includes risk based capital approach, and on this the Commission and the Nigerian Insurers Association are set for joint accomplishment. Other endorsements are, standardisation of reports, enhanced investment in digital capabilities and automation, entrenched effective asset liability management, and capacity development programmes- actuarial, competency framework and having in place reinforced recovery and resolution plan.

Other nuggets that will sustain the way forward Thomas said are, use of modelling for risk assessment and stress testing, context specific products such as loss of job insurance products, cyber insurance policy by trustees of customers data he said, has become more compelling and also stricken for regional integration is the establishment of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ)

The president /chairman, CIIN council, Sir Dr Muftau Oyegunle said the forum has become a feed stock for the industry to upgrade its operations and the institute remained committed to it.

The resource person Dr Olademeji Alo, managing director at Excel Professional Service, said the country has boundless untapped insurance market and this is attested by the foreign league of investors in the country, he therefore advised the operators to make claims paid a public display, and do more in offering retail products.

Anther resource person and CEO, United Capital Plc, Peter Ashade, speaking on the topic, “Insurance Perspective of the Theme Paper,” urged operators to embrace oil sector risks, noting that the impending Petroleum Industry Act is a platform for opportunities. He said opportunities also abound in agricultural insurance. On the brim he said is the need for proper management of data noting that “the quality of your decision making is driven by the quality of your data.”

Previous Post

Continuous Economy Drag Attributed To Poor Attention To The Issue Of Insurance

Next Post

Image Spin: Lagos Pension Commission Commends NAIPCO Pension News Spiral

Nwanne Ikemefune

Nwanne Ikemefune

Next Post
Image Spin: Lagos Pension Commission Commends NAIPCO Pension News Spiral

Image Spin: Lagos Pension Commission Commends NAIPCO Pension News Spiral

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

April 3, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

349
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

48
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

42
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

41
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

FG Commends NAICOM Rolls Out More Challenges

May 21, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

African Delegates To BIBA Secure African Issues Presentation In Subsequent Conferences

May 21, 2022
Africa Insurance Solutions Sought To Douse Uninsured Risks And Lift Penetration Level

NEM Insurance Positive Ticks Surround 2021 Performance

May 23, 2022
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

NAICOM Harvests Real Time Statistical Data, Raises Market Transparency

May 23, 2022

Recent News

Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

FG Commends NAICOM Rolls Out More Challenges

May 21, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

African Delegates To BIBA Secure African Issues Presentation In Subsequent Conferences

May 21, 2022
Africa Insurance Solutions Sought To Douse Uninsured Risks And Lift Penetration Level

NEM Insurance Positive Ticks Surround 2021 Performance

May 23, 2022
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

NAICOM Harvests Real Time Statistical Data, Raises Market Transparency

May 23, 2022
Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

May 20, 2022
Access Holdings Plc Sets To Clinch Majority Stake In First Guarantee Pension

Access Holdings Plc Sets To Clinch Majority Stake In First Guarantee Pension

May 19, 2022
NAICOM Tells Operators To Match Its Speed, Take Over Secured Markets

College of Insurance Supervisors Charged To Harness Global Standards Fitting For West Africa

May 18, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

May 18, 2022

Sovereign Trust Performance Soars In Q1 2022, Rises By 37% Over 2021

May 16, 2022
NAICOM Tells Katsina Government And Citizens That Insurance Is A Major Factor For Life And Businesses

Katsina Govt Jabs Mild Insurance Enforcement, Embraces Call For Insurance Partnership

May 16, 2022
NAICOM Tells Katsina Government And Citizens That Insurance Is A Major Factor For Life And Businesses

NAICOM Tells Katsina Government And Citizens That Insurance Is A Major Factor For Life And Businesses

May 13, 2022
Allianz Frees Capital With $35bn Annuity Reinsurance From Street & Resolution

Allianz Engages Gear To Exit Russia Fully, Says CFO

May 13, 2022
KPMG Hit With £14m Fine

KPMG Hit With £14m Fine

May 13, 2022
Preferred PenCom Logo

PFAs Begins The Process Of Handshake With NIMC By Data Recapture Of All RSA Holders

May 12, 2022
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Image Spin: Finance Minister Commissions No Place To Hide NAICOM Portal

FG Commends NAICOM Rolls Out More Challenges

May 21, 2022
Brexit Spin-off: Nigerian High Commission Promises Soft Landing For Nigerian Insurance Brokers

African Delegates To BIBA Secure African Issues Presentation In Subsequent Conferences

May 21, 2022
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2020 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In