It was a gathering of financial journalists in Uyo, the Akwa Ibom state capital for a retreat.
The retreat organised by the National Insurance Commission is aimed at deepening the understanding of journalists on the present realities in the sector and how to better it through developmental reporting for effective performance.
Delivery the keynote address, Commissioner for Insurance, National Insurance Commission, Sunday Thomas said the Nigerian Insurance market has undergone substantial structural and regulatory reforms over the years following market development initiatives being implemented as well as the evolution of Nigeria’s financial sector in the last decade that is characterized by digital transformation.
Represented by the Deputy Commissioner, Technical, Sabiu Abubakar the NAICOM boss said the Commission in trying to open up the market across the geo-political zones has reached out to states where insurance penetration is perceived to be very low.
The Commissioner for Insurance while noting that his administration’s cardinal agenda is to develop the market and deepen penetration also said the development and growth of the insurance sector will translate to the overall growth and development of the nation’s economy.
He said Claims payment has always been an aspect the industry is battling to balance as the Commission is doing all it can to see that the non-settlement of claims is brought to its barest minimum in the sector. Some resource persons spoke on how to improve the nation’s insurance system.
The theme for this year’s retreat is “Improving Insurance Access through Market Development and Innovation in 2022 and beyond”
