The National Insurance Commission (NAICOM) said it will expand its initiative towards strengthening insurance market development specifically deepening collaboration with state governments to ensure enforcement of compulsory insurances.
The Commissioner for Insurance Sunday Thomas, while delivering his keynote address at the investiture of Olusegun Omosehin as the 25th Chairman of the Nigerian Insurers Association (NIA) in Lagos on Thursday, expressed disappointment that underwriters have failed to harness opportunities created from its engagements with state governments in enforcing compulsory insurances.
He submitted that on his appointment as Commissioner for Insurance, he did mentioned that the focus of the administration is development of the insurance market, stressing that he wants to believe that the cardinal objective has not changed.
Thomas said the Commission under his leadership has vigorously been driving the issue of market development and enforcement of compulsory insurances these past two years and had achieved some gains in the process.
According to him, greater efforts have been made to partner state governments on enforcement of compulsory insurances and insurances of their assets and that the commission had embarked on this drive to till the ground while expecting the operators to take over and engage the markets but the response from the industry is less than satisfactory.
He assured the operators that the commission would continue to support the insurance industry and specifically the
operators/players to thrive by instituting policies that encourage equal access, investment of funds and healthy competition.
He posited that to actualize the core mandate as an industry, all parties must facilitate improved perception of the insurance industry, as public confidence in the industry depends among other things on how promptly and fairly they deliver on their promises and obligations to customers and stakeholders.