Yemisi Izuora
The National Insurance Commission (NAICOM) is working round the clock to develop strategies that will support local insurance providers initiatives to take advantage of the African Continental Free Trade Area (AfCFTA) to advance growth.
According to the industry regulator, the AfCFTA, offers Nigeria and its insurance industry a game-changing opportunity for growth, prosperity, and market expansion.
The Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, while addressing a workshop of the Nigerian Insurance Industry Committee of AfCFTA, said the event is a historic call to action, urging the industry to scale up, evolve, and collaborate to seize competitive advantages and shape a brighter future.
The Theme: “Navigating New Horizons: Opportunities Unleashed by AfCFTA for Insurance Loss Adjusters” he noted is apt and presents a forum to discuss the economic landscape of our continent, opportunities of a free trade area with attendant potentials for investment, expansion of our horizons, innovations and integration.
According to the Deputy Commissioner, It is expected that the journey to a single, unified market of over 1.3 billion people will also require the preparedness of facilitators of business transactions, requiring that as we expand our services to other African countries, new opportunities are also created for Loss Adjusters.
As trade increases, Loss Adjusters will play a crucial role in assessing and managing risks associated with cross-border trade, making their services more in-demand. We are therefore required to focus on enhancing our knowledge and skills in areas that gives us competitive advantages and leverage on exchange of skills with international players.
He went on to say that the free movement of goods, services, and people could expand our nation’s operations across borders, increasing access to financial services and promoting economic development, adding, “Therefore, the enormity of the opportunities in galvanizing growth can only be imagined if we don’t actively participate as an industry.”
He said the Commission is committed to empowering Nigerian Loss Adjusters in the AfCFTA era. However, Adjusters must step up and enhance their services, professionalism, and value proposition to remain competitive.
“We’ll provide support, but your proactive efforts will determine your relevance
Dear colleagues, for us to stimulate the potentials of AfCFTA in the insurance industry, all stakeholders must remain positive by translating the commitments into actionable outcomes at the national and regional levels
“AfCFTA encourages collaboration among African insurance Companies. Through this partnerships, Nigerian Loss Adjusters can leverage shared resources, expertise, and technology to improve their service offerings and competitiveness.
“As we look forward to navigating new horizons, I wish to once again appreciate efforts of the NII- AfCFTA Committee in conjunction with ILAN to organize this workshop. I therefore implore that we engage actively in the discussions, ask questions, and leverage this opportunity to learn, share insights and chat ways forward for our industry.” he added.