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By Chiamaka Ajeamo
The National Insurance Commission (NAICOM) has said its 2021-2023 strategic plan will focus on ensuring a safe, sound and stable insurance industry that will be at par with international best practices.
The Head, Corporate Strategy and Special Duties Department, NAICOM, Usman Jankara, who disclosed the plan while presenting a lecture at the annual seminar for insurance journalists in Lagos, explained that the plan was hinged on five goals including entrenching effective and efficient service delivery, ensuring safe, sound and stable insurance sector, to adequately protect policyholders and public interest, improve trust and confidence in the sector, encourage innovation and promote insurance market development.
Earlier in his his remarks, the Commissioner for Insurance, Sunday Thomas, stated that since the development of the last strategic plan for the period 2016 – 2020, there have been various events such as the COVID-19 pandemic, the End SARS protests, and the rise in kidnappings, armed banditry, which have impacted on the activities and initiatives of the Commission, bringingbrought about a new normal and hence, altering how the industry conducts its business going forward and the corresponding regulatory response.
Thomas stated that the goals will consolidate the 2016 -2020 strategic plan with new milestones required to enable the commission accomplish its mission.
Thomas added that the commission is committed to realising the goals of the plan, noting that NAICOM will adhere to its principles of good governance and core values aimed at creating an enduring, sustainable and conducive environment for accomplishment of the corporate goals and objectives.
