Nigeria’s Insurance Industry Ponders Over New Reforms

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Yemisi Izuora 

The Chairman, Insurance Industry Consultative Council (IICC), Eddie Efekoha, has challenged insurance operators to look beyond the initial stress the recapitalization exercise may pose, but should consider the inherent advantages that will emerge from the process.

In his welcome address at the opening of the 2019 National Insurance Conference in Abuja on Monday, Efekoha, observed that the recapitalization exercise, like every past reform, presents both opportunities and new challenges, adding that as operators, we must begin now and not later to address our minds to the issues around the exercise.

He challenged them to consider how to maximize the use of the additional capital to generate superior returns to investors and to embrace new technology that will help the industry to deliver superior service and deepen insurance penetration.

Efekoha, also spoke on the need to develop a data pool that supports improved pricing of risks underwritten and innovative products driven by consumer insight, develop and attract the right skills and talents that can match the fast pace of technology revolution.

The industry he said should harness the values inherent in partnering with other industries like telecoms and banks to deepen insurance penetration as well as Seek partnerships with various arms of government like the NPF, Customs, Fire Service to ensure compulsory insurances are enforced.

He further challenged them to seek better industry wide cooperation for the good of all stakeholders.

“I sincerely hope that all the discussions that will be held in this conference will enable us to gauge our concerns and expectations properly as to how the insurance industry can do things better in the future.” he added.

He said the conference has become the most important and influential gathering of Insurance stakeholders in Nigeria and a significant highlight in the annual calendar of the Finance Sector.

“This conference is the brainchild of the Insurance Industry Consultative Council (IICC), a body formed in 2013 to act as the unifying voice of the Insurance Industry in Nigeria and to represent it on National issues. 

The Council is made up of, The Chartered Insurance Institute of Nigeria (CIIN), Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB), the Institute of Loss Adjusters of Nigeria (ILAN) and National Insurance Commission (NAICOM). The body stays committed to assuming roles that will serve the best interest of the Insurance Industry in Nigeria.” he said.

Speaking on the theme of the Conference, “Disruption, Innovation and Business Growth”, Efekoha said it is a fitting subject matter that brings into perspective, the growing influence of technological advancement and lateral thinking in today’s business clime. 

To capitalize on the great opportunities this cocktail of disruptions provides and to respond to the economic and social challenges we face today, courageous and comprehensive reforms are needed, he noted adding that these reforms require the collaborative efforts of governments, businesses and other stakeholders in society in order for the process to be truly successful.

He however pleaded with the National Insurance Commission to give favorable consideration to the suggestions made by the Nigerian Insurers Association in their on-going engagements on the recapitalization issue so that the necessary guidelines when released will ensure that the objectives of this reform are fully realized.

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