Discussing ways to move Nigeria’s insurance sector forward, stakeholders including the National Insurance Commission (NAICOM) and the Lagos Chamber of Commerce (LCCI) advocated for the adoption of newer techniques to deepen insurance inclusion.
Stakeholders noted this at a virtual event organised by the LCCI.
The event had players in the financial sector present, as solutions to the challenges plaguing the insurance sector were proferred.
Speaking on the subject, the Commissioner for Insurance, Sunday Thomas, stated that the insurance commission was looking into factors such as governance issues and guideline restructuring.
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“They are not essential things that are limited to the present practice; we are looking beyond now. That is why we are looking at guideline restructuring, technology and devices, and governance issues.
“I think all these are pointers that we are ready for the future because we know that what we are doing now, both as operators and regulators, will not take us far,” Thomas said.
Citing the poor penetration of insurance in the country, Chartered Insurance Practitioner, Olabode Ogunlana, said, “As of now, insurance penetration of the economic and social life of the nation is abysmally low. This is where the task of breaking new frontiers should begin.
“How many individuals in Nigeria know what insurance and its values to homes and the society as a whole are?”
