The National Insurance Commission says its regulation mantra is guided by the deliberate and delicate balancing of the nuances of the insurance industry and the secured policy to properly protect policyholders.
The Commission said this is ‘crucial’ and any regulator that wants to develop, build and sustain an insurance industry that plays its role for total national development keeps this constantly in focus.
This cardinal rule of NAICOM was relayed by director of supervision, Barineka Thompson as he delivered a paper recently on “Nigeria’s Insurance Market Growth And stability Post Covid-19,” he noted that focusing on operators and policyholders is a balancing act that ensures that insurers are not unnecessarily overburdened.
He tells it, “It is crucially important for regulators to fully understand and take into account the nuances of the insurance industry when designing its regulation, both to properly protect policyholders, as well as ensuring that insurers are not unnecessarily overburdened, or discouraged from making their crucial contribution as long-term investors in the economy.”
He emphasised that the crucial contribution of the sector is needed to meet the pace of a rapid changing world and be prepared to adapt to the new challenges and demands that sprout daily.
Barineka who bared the regulators fair game before financial journalists at Uyo, noted that global transformations create risks and opportunities, and, “Insurance often plays an essential role in some strategic and fundamental trends, and consequently new tendencies have to be correctly identified and addressed as its effect might remain in the medium to long term.”
NAICOM supervision helmsman explained that technology is one of the main transformation factors, with a great power of reshaping the economy and social interactions.