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NAICOM Makes Case For Regulatory Reforms In African Insurance Markets

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NAICOM boss Calls For Regulatory Reforms to Tackle challenges in African insurance markets

The National Insurance Commission, NAICOM, is calling for drastic reforms in the regulatory environment of the African Insurance Markets.

The Commissioner For Insurance, Sunday Thomas who spoke at a panel session on the sub-theme : “Regulation, innovation and the future of insurance” in the 47th AIO Conference & Annual General Assembly said “the time for change has come in the regulatory challenges in the African insurance markets.

“The regulators does not make laws, they are given laws to implement so they have limitations in that area, of course, largely there has to be a lot of collaboration between the regulator and the regulated entity to foster that transformation that we all desire.

“I want also to say that the operators begin to challenge the regulators, bring up ideas and let it be said that ideas has been dropped on the tables of regulators who are resisting this change.

“I think that will compel the regulators to begin to think the way things are done.

“I will say that, of course, the time has changed not only for the operators, but also the regulators.

“l can tell you of how the Nigerian market is, it is not just by accident that we are improving on the technology starting in the Commission, but we need the operators to put up policies in place to drive the markets and this are some of the gaps that are existing, but l must say that the time for change has come for all” he said.

The Chairperson of the Local Organising Committee of AIO 2021, Mrs. Ebelechukwu Nwachukwu, in her address to news men disclosed that “there is no doubt that Covid-19 pandemic had left in it’s trail very debilitating effects on many economies and there are efforts at addressing these challenges.

“This informed the decision of the LOC to use the opportunity of the 47th AIO conference to contribute to discussions around how insurance can contribute to ongoing efforts at rebuilding economies seriously impacted by the pandemic.”

According to her, the COVID-19 outbreak influenced the theme of the conference “Rebuilding Africa’s Economy: insurance perspectives.”

Also, four other contemporary issues affecting the insurance industry: The new normal, How leaders can reset for growth beyond Covid-19; Regulation, innovation and the future of insurance; harnessing the potential for growth and development in the Nigerian insurance market and AfCFTA and the African Insurer, Prospects and opportunities, were discussed.

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