Fola Daniel who is the commissioner for insurance of NAICOM states that the Nigerian insurance industry now ranks as the second largest in Africa, The Punch reports.
The commissioner state this on Monday during the conference “Developing insurance business for national growth”.
He said: “Nigeria’s insurance industry is now the second largest in Africa from a fifth position three years ago. Nigeria should be the first, because it has the potential to make it rank as the number one on the continent. As part of the financial industry reform initiatives of the Federal Government, NAICOM had carried out several industry specific reforms that had significantly impacted and positively changed the industry, leading to improvement in perception by the insuring public.”
Daniel added that the organization has over the years pursued various initiatives to facilitate the deepening of insurance penetration in Nigeria as well as remove poor perception of insurance.
Fola Daniel explained that NAICOM had introduced a wide range of regulatory guidelines, which in addition to other market development initiatives, were targeted at strengthening insurance institutions, building confidence in the insurance market and significantly improving the attractiveness of the industry to both local and foreign markets.
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Daniel noted that the journey of the Nigerian insurance industry to greater heights had commenced with the commission’s modest efforts given the potential of the nation’s economy and the insurance market in particular.
“We only need to adjust our individual and corporate culture to the business in order to arrive at the desired destination in good time,” he said.
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Nigeria’s Insurance Industry The Second Largest In Africa
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