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NAICOM canvases governments’ support, collaboration to grow insurance in Africa

The National Insurance Commission (NAICOM) has urged African governments to join forces to improve insurance industry performance by implementing the necessary policies and support that will drive growth and help to improve the sector. 

NAICOM’s Commissioner for Insurance, Sunday Thomas, stated this while charging the newly elected president of the African Insurance Organization, Tope Smart, to embrace collaboration with stakeholders. He said this is a major element in scaling the insurance industry in Africa like the banking and telecommunication sector. 

Noting that there is a need to improve the insurance performance from the current underperformed level to march with others globally, Thomas charged the AIO president to coordinate government across the African continent so that each plays its role in creating a thriving environment for insurance to grow. 

What the NAICOM boss is saying: According to Thomas, the AIO should persuade the government to jettison the border barrier to encourage the movement of trade within the continent and to promote healthy competition, promote knowledge sharing among other objectives that are needed for a thriving market in Africa. 

Thomas also expressed delight knowing that Nigerian leaders are paying attention to the sector especially as the Nigerian government; more than ever, is showing concern for the growth of the sector by honouring their presence in the AIO conference. He said:

  • “The founding father of AIO had a very thoughtful foresight by making sure we have this forum that has over the years achieved tremendous success in harmonizing the African insurance market and bringing together experts of different insurance facilities annually to discuss burning issues affecting the continent and the rest of the world. I believe the outcome of all our deliberations in the last few days will go a long way in helping us thrive higher in achieving our goals and objectives. 
  • “The journey ahead may not be all smooth, especially due to the effect of the COVID-19 pandemic and the shapes of our economies across Africa presently. Here is a huge task ahead of you and your team, but working with you over the years has given me confidence that you are equal to the task. I can vouch for your hard work, resilience, foresight, and determination. 
  • “The signing of the African continental free trade agreement has provided an avenue to foster unity and integration within the African region. It provides an avenue for the achievement of a common market for goods and services, guaranteeing free movement of human resources, investment, and technology.” 

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