NIA lists 19 key areas boosting insurance sector growth – Tech | Business

June 14, 2024
1 min read

TLDR:

  • The Nigerian Insurers Association (NIA) presented 19 key areas for insurance sector growth to NAICOM.
  • NAICOM leadership discussed collaborative efforts with NIA to advance the industry.

NIA Enumerates 19 Key Areas for Insurance Sector Growth

The Nigerian Insurers Association (NIA) recently presented 19 key areas of concern to the National Insurance Commission (NAICOM) to help foster growth in the insurance sector. The new NAICOM leadership paid a courtesy visit to the association in Lagos and discussed collaborative efforts to advance the industry.

During the visit, the NAICOM emphasized the importance of fostering a robust and stable insurance industry that prioritizes the protection of policyholders and beneficiaries. Key areas of focus included increasing insurance penetration, ensuring efficient claims settlements, compliance with industry regulations, and regulatory adherence.

In response, NIA members shared their concerns and expectations to help realize NAICOM’s vision for the industry. Suggestions included revisiting the placement of insurance business adverts, establishing a claims payment committee, enforcing insurance for public buildings, digitalizing agency license processes, and accelerating the approval of new products for innovation.

Other important areas highlighted by NIA and NAICOM included enhancing collaboration with government agencies, promoting public-private sector collaboration, ensuring market discipline, segmenting industry players for specialization, and forming strategic partnerships for economic growth.

Both NAICOM and NIA agreed to work collaboratively towards the growth and development of Nigeria’s insurance industry, with a focus on regulatory compliance, transparency, and accountability.

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