NAICOM discovers need for restructuring to address African market issues

The National Insurance Commission (NAICOM) has emphasized the need for regulatory restructuring to address the issues in African insurance markets.

The Commissioner for Insurance, Sunday Thomas, declared at the 47th African Insurance Organisation (AIO) in Lagos last week that “the time for change has come in the regulatory challenges in the African insurance markets.

“The regulators do 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 entities to foster the transformation that we all desire.

“l can tell you 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 these are some of the gaps. But, l must say that the time for change has come for all.”

The Chairperson of the Local Organising Committee of AIO 2021, Mrs. Ebelechukwu Nwachukwu, said: “There is no doubt that the COVID-19 pandemic has left its 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’.