Nigerian insurance industry second largest in Africa – NAICOM

Mr Fola Daniel
The Commissioner for Insurance, Mr. Fola Daniel, has said the Nigerian insurance industry now ranks as the second largest in Africa.
Daniel said this during the opening of the maiden insurance industry mega conference, with the theme, ‘Developing insurance business for national growth’, in Abuja on Monday.
“Nigeria’s insurance industry is now the second largest in Africa from a fifth position three years ago,” he said.
According to him, Nigeria should be the first, because it has the potential to make it rank as the number one on the continent.

He said that as part of the financial industry reform initiatives of the Federal Government, NAICOM had carried out several industry specific reforms that had significantly impacted and positively changed the industry, leading to improvement in perception by the insuring public.
“We have over the years pursued various initiatives to facilitate the deepening of insurance penetration in Nigeria as well as remove poor perception of insurance,” Daniel said.
The commissioner said NAICOM had introduced a wide range of regulatory guidelines, which in addition to other market development initiatives, were targeted at strengthening insurance institutions, building confidence in the insurance market and significantly improving the attractiveness of the industry to both local and foreign markets.

He said the journey of the Nigerian insurance industry to greater heights had commenced with the commission’s modest efforts given the potential of the nation’s economy and the insurance market in particular.
“We only need to adjust our individual and corporate culture to the business in order to arrive at the desired destination in good time,” Daniel said.
The Chairman, Insurance Industry Consultative Committee, Mr. Bola Temowo, said the establishment of the IICC would continue to manifest in many ways, adding that the mega conference would remain a lasting legacy as it had resolved issues of the past years when the industry arms dissipated energy in different directions and organising separate conferences for the same people.
Source: Punch