Insurance industry players said that implementing the seven-point agenda set by the National Insurance Commission (NAICOM) last year to transform the sector should be the priority of the new Commissioner for Insurance, Olusegun Omosehin upon his resumption in the next few days.
The operators also commended President Bola Tinubu for the appointment of the new appointment. They gave the commendation at the weekend while reacting to the new NAICOM board composition by the President.
Speaking to The Guardian on the development at the weekend, former Managing Director of FSL Insurance Broker Limited, Alfred Daudu, hailed the appointment of Omosehin along with the other members of NAICOM.
Daudu said the appointment was well thought through and appropriate for the growth and development of the insurance market. He said the new board members are well-grounded in insurance market professionals with decades of experience under their belt both locally and internationally.
On the agenda for the new team, Daudu enjoined the new team to continue to implement the market master plan. He also urged them to enhance the digitalisation of the insurance industry, deepen the industry’s talent pool and capabilities as well as support Nigeria’s economic transformation and sustainability agenda.
“The medium-term goal will be to position the insurance market to facilitate the one trillion-dollar economy goal of the federal government will be key. These are lofty but achievable goals while congratulating the outgoing commissioner for the excellent work he has done.
Also speaking, the Executive Secretary/Chief Executive Officer of the Nigerian Council of Registered Insurance Brokers (NCRIB), Tope Adaramola, said there are six insurance policies made compulsory by the law. These, he said, should be enforced.
Though NAICOM in the past four years has been making efforts to enforce some of the compulsory insurance policies like third-party motor insurance, its efforts have been insufficient, he said.
Daramola urged the new commissioner to sustain NACOM’s efforts in the enforcement of the compulsory insurance listed in the Insurance Act of 2003. He also called on the new leadership of the commission to pursue the amendment of the Companies Income Tax (Amendment) Act 2007 (CITA) to relieve insurance companies of the heavy tax burdens that can inhibit the desired growth of the market.
