Yemisi Izuora
The commissioner for Insurance Fola Daniel has said that the commission would take stern measures so as to consolidate on reforms initiated in the past seven years with the aim of boosting industry growth.
He said the commission has therefore opened a contact centre where complainants can call directly on NAICOM and get a reaction within 48hrs.
Daniel who disclosed this at the 2015 Seminar for Insurance Correspondents, with the theme: Transforming the Nigeria Insurance Sector; the Three Years Agenda, held in Benin City, Edo State, listed the reforms to include, the microinsurance and takaful initiatives, no premium no cover, International Financial Reporting System (IFRS), risk base capitalisation and others.
He noted that these reforms were anchored on the Market Development and Restructuring Initiative (MDRI), which is now transformed into Transforming the Nigeria Insurance Sector; the Three Years Agenda, being driven by the Federal Government through the Coordinating Minister for the Economy and Minister of Finance, Ngozi Okonjo-Iweala.
Daniel added that the transformation is expected to translate into enforcement of public insurance; delivering more job/skill; building consumers trust and awareness and increasing access to insurance.
The commissioner said that a good number of claims has been settled through the intervention of the commission adding that “Nigeria has moved up to number three position in Africa, although we have the capacity to be in number one.
He said the enforcement of No Premium No Cover by the Commission which is one of the reforms is the biggest thing that happened to the industry in 2014.
It has helped raised the cash flow of insurance companies, adding that the initiative has also helped reduced complaints on non settlement of claims, as insurers now respond to their claims responsibilities due to their financial liquidity, he said.
On the International Financial Reporting System (IFRS), Daniel disclosed that the initiative has brought transparency and that the commission would continue to make progress with the reforms already entrenched.
He added that the biggest challenge to the insurance sector is lack of trust and awareness, stressing that people will not buy what they don’t believe in.
Daniel however said that insurance will be introduced to Universities, secondary and primary schools to increase awareness.