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To ensure businesses enjoy sustainable growth, the National Insurance Commission (NAICOM) has advised operators in the sector to incorporate insurance as an essential part of the financial plans of individuals and entities.
The Commissioner for Insurance and NAICOM Chief Executive Officer, Mr Sunday Thomas, disclosed this at the recently-held Chartered Insurance Institute of Nigeria (CIIN) 2023 Business Outlook Conference themed: “Reshaping the Financial Sector: Emergent Challenges and Opportunities”.
The NAICOM boss noted that insurance should be accorded a priority place in the scheme of things, especially with regards to numerous financial services offered to Nigerians. He described insurance as a risk mitigation tool against unforeseen circumstances and losses; rather than plunging anyone to borrowing to stay afloat.
He tasked underwriting companies to come up with the right products that suit various types of businesses.
He said: “It is the deep understanding of the customers’ businesses that aids insurers to gain insight into the financial status of the customers, thereby, helping to market the right product, rather than struggling to sell what had been produced. That is, develop products that could be sold” but do not “try to sell what had been produced.”
In his remarks, the Chairman of the Council of the Institute, Edwin Igbiti, said the forum was specifically designed to review the 2022 business environment, while mapping a way forward for the insurance sector in 2023.
“It is a platform to discuss the National Budget as it relates to the financial sector, meet professionals from different professions in the financial world, and share expertise on the issues pertinent to the growth and development of the Nigeria economy,” he noted.
Igbiti pointed out that the programme, among other things, examines the national budget, reviews the thrusts of the fiscal and monetary policies of the government, and estimates how these would influence the insurance industry in particular and the economy in general.
“This first session of the review envisages the 2023 national budget, most especially the aspect that relates to the insurance Industry and how it can reposition itself. The objective is to review business and financial activities, share ideas, and project proponents for profitability, and proffer solutions and recommendations to operational challenges in the country”, he explained.
