NAICOM Keen On Increasing Contribution To GDP
OLADELE OGUNTIMEHIN
The National Insurance Commission (NAlCOM) is focused on entrenching a financially solid and active insurance market that would bring about not only an increase in penetration but a substantial increase in the industry’s contribution to nation’s Gross Domestic Product (GDP).
Acting-Commissioner for insurance, Sunday Thomas Tuesday said at the 2nd edition of the conference for directors of insurance companies held at Lagos, that the insurance sector with a contribution to the nation’s GDP at less than 1% has under-performed its potential especially when compared with other sectors in the financial services industry.
He further stated that financially solid, vibrant, viable and active insurance market will also simulate accumulation of long-term funds for infrastructural financing, job creation, and an improved Return on Investment.
He revealed that the commission will continue to introduce new reforms and initiatives in the march towards achieving the full potential of the industry.
The insurance industry in the last few years has witnessed series of changes following reforms embarked upon by NAICOM. These reforms include financial reporting standard, No Premium No Cover, Corporate Governance Code, Risk Based Supervision framework, Financial Inclusion, Claims Settlement, Market Conduct, Expansion of Distribution Channels, Recapitalization etc.
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