The Commissioner, National Insurance Commission, Mr Sunday Thomas, has said NAICOM is planning to implement a risk-based capital for insurance companies.
Thomas spoke during the Chartered Insurance Institute of Nigeria’s professional forum with the theme, “Power of the past: A force for the future of the insurance sector in Nigeria,’ in Ogun State.
The event was widely attended by chieftains in the industry and the Ogun State government.
He said, “In addition, we are implementing a legal and regulatory framework (Regulating for innovation) designed to develop a framework for sustainable innovation in the Nigerian insurance industry in fulfillment of the commission’s dual objectives of market development and protection.
“Another very pivotal project currently being implemented by the commission is the Risk-Based Capital project which is intended to provide a clear set of policy plans for full implementation of the RBC framework including the key steps, frameworks, and tools required for RBC implementation.
“The project is nearing completion with the conclusion of working sessions on the proposed RBC tools.”
Giving his address of welcome, the President, CIIN, Mr Edwin Igbiti, said the theme of the event was relevant and strategic considering the present times.
“It brings to the table the opportunity for elaborate discussions, focusing on the insurance industry of the past while charting the way forward for the future in a world that has been drastically disrupted,” he said.
Igbiti noted that it was no longer business as usual for the industry as technological innovations, demanding customers, new competitors and constantly evolving trends were driving the changes for the future.
He said, “No matter what technological advancement we adopt, if it does not translate to value for the customer, most of our efforts are in vain. Hence, there is a need to offer holistic value propositions, one centered on the aspirations that really matter to consumers, including well-being, safety and reaching personal goals.”
The forum, he added, would look at how the elements of the past and change could influence insurance market needs, financial inclusion, and the strategic role insurance played in developing the economy.
Its spotlight, he added, would emphasise insurance penetration in Nigeria and the real issues that were hampering its growth as well as measures that could be taken to improve the numbers.