Insurance Committee Moves To Address Industry Challenges

Yemisi Izuora
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The Insurance Committee, a body of insurance operators set up to work closely with the National Insurance Commission (NAICOM) to deal with industry-wide operations at its second meeting in Lagos dissolved into sub-committees.

The committees will look at various challenges plaguing the industry and present their positions to the committees next meeting in April.

Hassan Odukale the committees chairman publicity and communication said the body has set up various sub-committees to critically appraise seeming challenges of the industry.

Odukale told journalists after they met with the Commissioner for Insurance (CFI) Muhammed Kari,that the meeting has come up with a roadmap and set out implementation plan to deal with major issues like the Risk Management Framework and Corporate Governance.

He also said that the committee at the meeting pondered on the minimum capital requirement of operating companies as contained in the guideline and agreed on the need for firms to raise additional capital depending on the type of risk they intend to underwrite.

Also speaking, the deputy commissioner for insurance in charge of finance, George Oneikhema told the media that there are concerted efforts by operators to begin to address challenges that have confronted the industry over time.

Oneikhema pointed out that one of the importance of the committee is the need for collaboration and which also provides an impeccable platform to work as enviable team for industry growth.

The committee dismissed rumoured protest of some practitioners that guidelines with regard to rates and sanction by the regulator is anti- industry growth.

Odukale, noted that there is code of corporate governance guiding the industry and which is clear to all.

“There are areas where we feel should be reduced and we have talked to NAICOM and that has been taken care of but again we are all aware of the consequence of default. To us the industry is getting better” he said.

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